The Hindu Business Line : ‘Do not lift ban on futures in urad, tur, rice, wheat’

Madurai, Nov. 14 Tamilnadu Chamber of Commerce & Industry has appealed to the Union Government not to lift the online trading ban on the four essential food commodities of urad, tur, rice and wheat.

Mr S. Rethinavelu, Chamber President, in a statement here said that the Union Government, based on popular demand, imposed a ban on futures trading in urad and tur on January 23 and on rice and wheat on February 28, this year.

The announcement now by the Chairman of the Forward Commission that it would recommend to the Union Consumer Affairs Ministry a lift of the ban on futures trading in the four commodities is literally shocking, he said.

Mr Rethinavelu said that online trading is one of the main reasons for the price increase in essential food commodities in the country as the speculative trading is done without any stock on hand.

Call for expertise

Like trading in shares, people engage in online trading of commodities without any experience or expertise in them. The prices are artificially jacked up by buying a small quantity in enhanced rate through online trading, he said.

Lifting of the ban will once again activate the artificial price escalation of these four essential food items of daily use, he added.

More Stories on : Commodity Markets | Foodgrains | Tamil Nadu

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