Govt to decide on banned futures this week, says Pawar

NEW DELHI: The government will take a decision on futures trading in four banned commodities -- potato, chana, rubber and soyoil -- this week, Consumer Affairs Minister Sharad Pawar on Wednesday said.

"There is a ban on four items up to November-end. We have to take a view this week," Sharad Pawar said here at the Economic Editors' Conference.

He stressed that the government's effort, however, is to allow futures trading to protect farmers' interests but not at the cost of consumers.

Pawar further said that the government has not taken a decision on those items suspended last year and where there is no sunset clause.

The UPA government suspended futures trading in four commodities -- potato, chana, rubber and soyoil -- in May this year, under pressure from its former Left allies, who blamed futures trading for the price rise.

The ban was imposed in May for four months and was later extended till November 30. It had also banned futures trading in four items -- rice, wheat, tur and arahar -- early last year.

Earlier in the day, Forward Markets Commission (FMC) Chairman B C Khatua told PTI on the phone that the regulator has submitted a status report to the Consumer Affairs Ministry giving details about the price movement of four commodities -- soyaoil, chickpea (chana), rubber and potato -- before and after the ban.

The regulator said that finding of the report clearly states that futures trading has not been responsible for price rise and it is hopeful that the government will lift the ban.