Monday, October 18, 2021

Centre imposes stock limits on edible oils, oilseeds

Representational Image.

New Delhi: The Department of Food and Public Distribution has imposed stock limits on edible oils and oilseeds for a period up to March 31, 2022.  

The decision will soften the prices of edible oils in the domestic market, and bring great relief to consumers across the country, said the Ministry of Consumer Affairs, Food & Public Distribution.

The high prices of edible oil in the international market have a substantial impact on the domestic edible oil prices, it added.

The Ministry informed that it has formulated a multi-pronged strategy to ensure that the prices of essential commodities like edible oils remain controlled.

“Measures like rationalization of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders, etc. had already been taken.”

Under this order, which has been shared with all States, the stock limit of all Edible Oils and Oilseeds will be decided by the respective States Government/Union Territories Administration on the basis of available stock and consumption pattern of the State/Union Territory with the following exceptions:

(a) an exporter, being a refiner, miller, extractor, wholesaler or retailer or dealer, having Importer-Exporter Code Number issued by the Director-General of Foreign Trade, if such exporter is able to demonstrate that the whole or part of his stock in respect of edible oils and edible oilseeds are meant for exports, to the extent of the stock meant for export.

(b) an importer, being a refiner, miller, extractor, wholesaler or retailer, or dealer, if such importer is able to demonstrate that part of his stock in respect of edible oils and edible oilseeds are sourced from imports.

In case, the stocks held by respective legal entities are higher than the prescribed limits then they shall declare the same on the portal (https://evegoils.nic.in/EOSP/login) of the Department of Food & Public Distribution and bring it to the prescribed stock limits as decided by the State/UT administration where it is conducting its business, within 30 days of the issue of such notification by the said authorities.

The Ministry said that it shall be ensured by the States Governments / Union Territory Administrations that Edible Oils and Edible Oilseeds stock is regularly declared and updated on the portal of this Department i.e. Department of Food & Public Distribution (https://evegoils.nic.in/EOSP/login).

It’s notable that the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect i.e. from September 8, 2021. Future trading on Mustard Oil and Oilseeds was suspended in NCDEX w.e.f October 08, 2021. (Press Release)

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