I-T Raids on Pulses Bro­kers to Check Un­due Price Rise

Raids car­ried out in Delhi, Mum­bai, MP; tax dept of­fi­cials yet to con­firm

The Economic Times - - Commodities Plus - Our Bureau

Mum­bai: The Modi govern­ment is crack­ing the whip on pulses traders as the com­mon man bleeds from high prices of urad, tur and chana dals.

In­come-tax (I-T) au­thor­i­ties have re­port­edly con­ducted raids on un­named pulses bro­kers across Delhi, Mum­bai and Mad­hya Pradesh on Thurs­day for al­legedly jack­ing up prices and un­duly prof­i­teer­ing from the same. How­ever, Ashim Kumar Modi, ad­di­tional DIT (HQ), In­come Tax, Mum­bai, was not avail­able to con­firm the raids or the rea­sons till the time of go­ing to press. A trader in Jal­gaon and a bro­ker in Delhi con­firmed raids hav­ing tak­ing place. They said the cause was to “curb” ris­ing prices of pulses, pro­duc­tion of which has been ham­pered by two suc­ces­sive years of drought.

ET in its edi­tion on April 18 high­lighted the im­pact of two failed mon­soons on pulses and how the fu­tures mar­ket was sig­nalling in­crease in the pric- es of chana in the months ahead. In its edi­tion on April 21, the pa­per ran a story on the govern­ment propos­ing to ask states to im­pose stock lim­its on chana and sugar to curb ris­ing prices caused by hoard­ing.

Ac­cord­ing to the govern­ment’s sec­ond ad­vanced es­ti­mate for 2015-16, to­tal pulses pro­duc­tion has fallen short of the 20.05 mil­lion tonne tar­get by 16%. The price of a kilo­gramme of gram dal in Mum­bai was up by 5.5% at .₹ 78/kg since the be­gin­ning of the year.

In a sep­a­rate de­vel­op­ment, NCDEX raised the mar­gin to buy chana fu­tures by 25% in cash to 45% to curb price volatil­ity. The mar­gin be­comes ef­fec­tive from Fri­day. It ad­vanced the im­po­si­tion of the daily1.5% pre-ex­piry mar­gin to the 27th of ev­ery month of the front month con­tract from the last 11 days.


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