SIGN IN SUBSCRIBE

News Update

Chouhan slams Air India for providing broken seat to passengerIndia sends army contingent to join Japan’s Dharma Guardian exerciseCus - Revocation of Customs Broker's license is invalid where importer's actions do not implicate the broker in any wrong-doing; KYC documents valid too, no fraudulent activity indicated: CESTATTrump to impose tariff in response to digital services taxes levied on US tech giantsCX - Bagasse is waste/by-product of sugar manufacturing process & not manufactured final product - ergo, there is no obligation to reverse Cenvat credit u/r 6 of CCR 2004 as Bagasse not subject to same rules covering exempted goods: CESTAT2500 chickens perish of mysterious disease in TelanganaCX - Valuation - Rule 9 r/w Rule 8 explicitly applies only when goods are sold exclusively to related persons; are inapplicable where assessee sells goods to both independent buyers & related persons: CESTATIWAI Board commissions study for Urban Water Transport System in 17 citiesHackers steal USD 1.5 bn from crypto exchange BybitST - Statutory limitation u/s 11B of the Central Excise Act is not applicable to refund claims, where Service Tax had been paid erroneously: CESTATIndia deepens pact with UK in key areas of telecom & AICricket team led by CJI to clash with SG’s team at Arun Jaitley stadiumST - Hiring transport vehicles on a kilometer basis without issuing consignment notes does not attract service tax under reverse charge: CESTATStudy finds AI enhances decision-making capability by 54%Ministry of Mines classifies Barytes, Felspar, Mica & Quartz as Major MineralsI-T - Entity engaged in business of hospitality is entitled for depreciation even on part of building, which was used as parking facility to adjoining hotel: ITATTrump kicks out top military officials in Pentagon overhaulPMG Review of Mega Infra Projects of Sikkim, Delhi, and JharkhandAP sues 3 White House officials after denied access to Trump’s eventsFBI New Director Kash Patel takes oath on Bhagavad Gita
 
Centre revises Wheat Stock Limit until 31st March

By TIOL News Service

NEW DELHI, FEB 21, 2025: GOVERNMENT of India keeps a close watch on the prices of wheat and takes suitable appropriate interventions to ensure price stability for the consumers in the country. A total production of 1132 LMT of wheat was recorded during Rabi 2024 and there is ample availability of wheat in the country.

In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Government of India imposed stock limits on Wheat applicable to Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories. The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 was issued on 24 June 2024 and revised on 09 September 2024 & on 11 December 2024 and was applicable for all States and Union Territories.

As part of continuous efforts to moderate prices of wheat, Central Government has decided to revise the Wheat Stock limit applicable until 31st March 2025 as under:

Entities

Existing Wheat Stock Limit

Revised Wheat Stock Limit

Trader/ Wholesaler

1000 MT

250 MT

Retailer

5 MT for each Retail outlet.

4 MT for each Retail outlet.

Big Chain Retailer

5 MT for each outlet subject to maximum quantity of (5 multiplied by total number of outlets) MT stock at all their outlets & Depots put together.

4 MT for each outlet subject to maximum quantity of (4 multiplied by total number of outlets) MT stock at all their outlets & Depots put together.

Processor

50% of Monthly Installed Capacity (MIC) multiplied by remaining months till April 2025.

50% of Monthly Installed Capacity (MIC) multiplied by remaining months till April 2025.

All wheat stocking entities are required to register on the wheat stock limit portal (https://evegoils.nic.in/wsp/login) and update the stock position on every Friday. Any entity which is found to have not registered on the portal or violates the stock limits will be subject to suitable punitive action under Section 6 & 7 of Essential Commodities Act,1955.

In case the stocks held by above entities are higher than the above prescribed limit, they shall have to bring the same to the prescribed stock limits within 15 days of issue of the notification.

The Department of Food and Public Distribution is maintaining a close watch over the stock position of Wheat to control prices and ensure easy
availability in the country.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Former Prime Minister, Dr Manmohan Singh, delivering his Award Acceptance Speech after receiving TIOL Fiscal Heritage Award 2022 on Nov 8 at Taj Palace, New Delhi

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Technical Session I - Ease of Doing Business: GST on Digital Economy

TII LATEST

TIOLCORPLAWS LATEST