By TIOL News Service

NEW DELHI, APR 15, 2024: SECRETARY, Department of Consumer Affairs, Nidhi Khare, during a series of interactions with representatives of pulses industry in the run up to operationalisation of online stock monitoring from 15th April, 2024 emphasised that anyone found to be indulging in forward trade of pulses would be dealt with firmly as per various provisions of Essential Commodities Act.

The feedback from the industry and inputs from market intelligence relating to the stock position with various market players have been collated for further verification.

She also discussed with Indian Mission in Yangon on issues relating to pulses imports from Myanmar such as import prices in the wake of revised exchange rates and stocks held by importers in Myanmar. The Indian Mission apprised that Rupee Kyat Settlement Mechanism has been operationalised from 25 th January, 2024 to simplify trade transactions and to make them more efficient. The Central Bank of Myanmar has released guidelines for payment procedures under Special Rupee Vostro Account (SRVA) on 26 th January 2024. The new mechanism will apply for both sea and border trade and for trade in goods as well as services. Adoption of the mechanism by traders will reduce costs associated with currency conversions and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversations.

Dissemination about the operationalization of this mechanism among trading communities esp pulses importers is being separately done wherein they are being requested to utilize Rupee/ Kyat direct payment system using SRVA through the Punjab National Bank.

The importers and other industry players like millers, stockists, retailers etc have been asked to honestly declare their stock of pulses, including imported Yellow Peas, on a weekly basis on the portal https://fcainfoweb.nic.in/psp/ from 15 th April, 2024. The States and UTs have also been asked to enforce weekly stock disclosure by all stockholding entities and verify the stocks declared by them. Stocks in warehouses located in major ports and in pulses industry hubs should be verified from time to time and strict action should be taken on stockholding entities found to be reporting false information on stock disclosure portal.