Coffee Futures Likely From May: Minister

The domestic coffee futures exchange is likely to become operational from May 1998 in Bangalore, a commerce ministry statement said yesterday.

The statement quoted commerce minister Ramakrishna Hegde as saying the exchange would benefit both consumers and producers and also ensure price discipline.

The Coffee Futures Exchange of India would help growers, curers, roasters and exporters to have better estimates of

future coffee prices, the statement said.

In March, the head of the Coffee Futures Exchange Committee said a chief executive officer was being sought and the committee had finalised rules for producers, traders and exporters.

Our Economy Bureau adds: In order to promote high quality tea products overseas and to prevent misuse of the names of Darjeeling, Assam and Nilgiri, the Tea Board has introduced 3 distinguishing logos for these 3 premier varieties of Indian tea.

At a presentation made to the union commerce minister R K. Hegde here today, the industry asked him to take up the issue of reduction of duty on tea bagging machinery and filter paper, which he agreed to do.