New Delhi: Food Corporation of India Chairman and Managing Director, Ashok KK Meena said the government has now allowed FCI to conduct e-auction of wheat and rice to check the inflationary trend in current retail prices as a part of market intervention. instructed to organize. To control the price of wheat and rice. Mr. Meena said this while addressing the media in New Delhi today.
The base price of wheat has been kept unchanged at Rs.100. 2150/qtl for FAQ and Rs. 2125/qtl for URS wheat. To control the hoarding of wheat, the government has decided that it is mandatory to declare in the Wheat Stock Monitoring System portal to participate in the auction. Further, to identify genuine processors and traders, valid FSSAI license has also been made mandatory for participation.
The buyer can bid up to a maximum of 100 MT in this e-auction. The minimum quantity has been kept at 10 MT to accommodate small wheat processors and traders. Further, to accommodate the small and marginal traders and processors of wheat, the EMD for participation in the e-auction has also been reduced by 50% from the earlier level.
Bidding is restricted to local buyers by ensuring that state GST registration is mapped and checked before stock is released. These measures have been taken to ensure wider local access to the stock introduced in a particular state.
In the first e-auction, 4 LMT wheat is being offered from 457 depots across the country. 271 new buyers empaneled after 01.04.2023. As on date there are 2093 active listed bidders.
E-Auction of Rice under Open Market Sale Scheme (Domestic) will commence from 5th July 2023. The base price of rice is Rs.3100/qtl.
6 weekly e-auctions of wheat were conducted by FCI till 15.03.2023. A total of 33.7 LMT wheat was unloaded due to this massive intervention in a period of 45 days and wheat prices came down by 19%. Due to rabi procurement period of wheat, market intervention was suspended.
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