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Madurai, Sept. 7

The Tamilnadu Chamber of Commerce and Industry has called for a ban on online trading of all essential commodities. In a statement here, the Chamber President, Mr S. Rethinavelu, said since the withdrawal of stock holding limits and licensing requirements under the Essential Commodities Act in 2002, the items have been transported and sold without any constraints all over the country.

Now the Union Government has empowered the States to clamp restrictions on wheat and pulses in view of the escalating prices. Though floods in the northern states might be one of the reasons for this move, the main cause for price escalation, is the speculative online trading of these commodities all over the country. He appealed to the Tamil Nadu Chief Minister not to reimpose licensing requirement or stock holding limit restrictions on wheat and pulses as the State depends entirely on northern States for the supply of these items.

(This article was published in the Business Line print edition dated September 8, 2006)
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