|
| Andhra Pradesh ~ India ~ International ~ City ~ Entertainment ~ Business ~ Sports ~ Technology ~ Health ~ Features |
| UPA ~ Manmohan Singh ~ Sonia Gandhi ~ NDA ~ BJP ~ LK Advani |
|
Home
/ India News / 2008 / September 2008 / September 10, 2008 Sharad Pawar to inaugurate warehousing seminar |
Howards selection as ICC vice-president will be good for cricket: Waugh
Consumers angry over hike in milk prices
Summary of Union Budget 2010-11
Wholesale sugar prices have dipped: Sharad Pawar
Porter swims with tied limbs to create awareness about water pollution in Kerala (lead:- Kochi)
Shehnai maestro Bismillah Khans family laments govt. apathy on legends birthday
Popes letter of apology disappoints Irish sex abuse victims
Ana Beatriz Barros is new face of Marks and Spencer lingerie
Alankit Group to provide services to New Pension System subscribers
Ashes move from Sky TV to BBC will cause collapse of cricket: ECB
Union Minister for Agriculture, Consumer Affairs, Food and Public Distribution Sharad Pawar will inaugurate a two-day conference on warehousing here on September 12.
New Delhi, Sept 10 : Union Minister for Agriculture, Consumer Affairs, Food and Public Distribution Sharad Pawar will inaugurate a two-day conference on warehousing here on September 12.
The conference is being held to discuss the impact of the warehousing (Development and Regulation) Act, 2007 on the warehousing scene in the country.
Besides the Central Warehousing Corporation, Food Corporation of India, Ministry of Consumer Affairs, Food and Public Distribution and FICCI, a large number of other stakeholders will participate in the Conference.
The main objectives of the Warehousing Act are to make provisions for the development and regulation of warehouses, negotiability of warehouse receipts, establishment of a Warehousing Development and Regulatory Authority and related matters.
The Act aims to address the long-felt need to develop a formal mechanism of Negotiable Warehouse Receipts System for commodities, especially agricultural commodities.
Besides mandating the negotiability of warehouse receipts, the Act prescribes the form and manner of registration of warehouses and issue of Negotiable Warehouse Receipts including in electronic form. It also prescribes establishment of Warehousing Development and Regulatory Authority (WRDA), which is in the process of being set up.
The proposed Regulatory Authority will register and accredit warehouses intending to issue negotiable warehouse receipts and put in place a system of quality certification and grading of commodities with a view to protecting the interests of holders of warehouse receipts against negligence, malpractices and fraud.
Negotiable Warehouse Receipts (NWRs), issued by warehouses registered under the Act, would help farmers avoid distress sale of their produce by ensuring finance against their produce stored in registered warehouses and would also have significance for commodity trading, banking and insurance sectors by providing safeguards against risks inherent in lending against commodities.
The pledging orcollateralization of agricultural produce with a legal backing in the form of NWR will lead to increase in flow of credit to the rural areas, reduce the cost of credit (due to certainty of recovering credit by the bank) and will spur other related activities, like standardization, grading, packaging and insurance services in the agricultural sector. With the increased requirement of quality storage, warehousing industry will also get a boost in rural areas.
Apart from individual farmers, cooperative societies and Self-Help Groups (SHGs) will also be able to assist their members particularly small and marginal farmers by aggregating their surplus produce and keeping the same in registered warehouses.
ANI
