Government extends stock limits on pulses, edible oils by 1 year

NEW DELHI: The government today extended stockholding limits on traders of pulses, edible oils and oilseeds by one year till September 30, 2017, to check hoarding and control price rise.

A decision in this regard was taken in the Cabinet meeting, chaired by Prime Minister Narendra Modi.

Stockholding limits on traders of pulses, edible oils and oilseeds expires this month-end.

" The Union Cabinet has approved extension of stock limit on pulses, oil seeds and oils for a further period of one year up to September 30, 2017," Food Minister Ram Vilas Paswan told PTI after the meeting.

By and large, all the state governments have supported the imposition of stock limits. This step will ensure smooth supply of commodities and will enable the states to act against hoarding, he said.

Paswan also said the state governments can issue control orders with the concurrence of the central government on importers, millers, wholesalers and retailers as needed.

Stockholding limits are imposed under the Essential Commodities Act in order to check hoarding and blackmarketing.

The country is dependent on import of pulses and edible oils as the domestic production is lower than the demand. Pulses prices in retail markets are still ruling high due to shortfall in the domestic production in past two years because of droughts.