Futures trading in 17 commodities proposed

The high-powered Committee on Forward Markets has recommended futures trading for 17 commodities. The commodities are basmati rice, cotton, kapas, raw jute and jute goods, groundnut, its oil and cake, rapeseed/ mustard, its oil and cake, cotton seed, its oil and cake, sesameseed. its oil and cake, sunflower, its oil and cake, safflower, its oil and cake, copra, coconut oil and its oil cake, soyabean, its oil and cake, rice bran oil, castor oil and its oil cake, linseed, silver and onions. At present, futures trading is allowed only for six commodities — castor seed, Hessian, gur, potatoes, turmeric and pepper.

Air-India cuts economy class fares to US 3-10%

Air-India has marginally reduced its one-way economy class fares to the US by three to 10 per cent. The downward fare revision, however, will not apply to passengers boarding the New York-bound flight from Bombay and Delhi but will benefit passengers from other cities. The national carrier has extended its one-way special economy fare of Rs. 28,895 from Bombay/Delhi to New York to Ahmedabad, Amritsar and Goa.

STC asked to offload 6,000 t. of palmolein

In a bid to resolve the crisis on the edible oil front in Gujarat, the Centre has directed the State Trading Corporation to offload its first import shipment of 6,000 tonne of palmolein at Kandla port. The shortage of edible oil to be supplied through the public distribution system led to a major tussle between the Gujarat government and the National Dairy Development Board, with the former seizing NDDB’s edible oil stocks. The issue was resolved this week with the Gujarat High Court directing NDDB to release 3,000 tonnes of palmolein for the PDS.

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