Date:07/12/2007 URL: http://www.thehindu.com/2007/12/07/stories/2007120754542000.htm

Business

NMCE opens warehouses in Idukki

Special Correspondent

KOCHI: National Multi-Commodity Exchange of India has opened warehouses in Vandanmedu and Kattappana in Idukki district to benefit cardamom and pepper growers. The warehouses, having a storage capacity of over 3,000 metric tonnes, are expected to solve the storage problem of small and marginal growers of cardamom and pepper in the hill district. Lack of proper storage facility has resulted in heavy loss to the farmers.

NMCE Managing Director Kailash Gupta announced the opening of the warehousing facility on Thursday at a meeting of the representatives of growers, brokers and the exchange held in Kochi. Mr. Gupta said the proposal of the members of the exchange to allow internal allocation of warehouse receipts (WRs) was accepted by the exchange.

He said the members of the exchange will have the freedom to allocate the WRs amongst their clients. The remaining receipts, if any, (after internal allocation) would be allocated to needy members on priority by the exchange.

The exchange has also approved the members’ suggestion to make the price quoted in the exchange screen “VAT-exclusive.” Currently the price quoted in the exchange terminal is VAT-inclusive.