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LATEST NEWS UPDATES | Centre curbs stock limits to cool onion prices

Centre curbs stock limits to cool onion prices

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published Published on Oct 23, 2020   modified Modified on Oct 24, 2020

-The Hindu

First imposition of limits after amendment to Essential Commodities Act.

With onion prices crossing 100 per kg in several cities, the Centre imposed stock limits on wholesalers and retailers until the end of the year to prevent hoarding. This is the first time stock limits have been imposed on any commodity after the Essential Commodities Act was amended last month to reduce such interventions.

Under the curbs, wholesale traders will not be allowed to store more than 25 tonnes of onions, while retailers will be limited to two tonnes only, from October 23 till December 31.

“We want to send a strong message that the government will not allow hoarding and price manipulation to hurt the ordinary consumer,” Consumer Affairs Secretary Leena Nandan told journalists on Friday. “Storage has to be such as meets current requirement; it should not be hoarded in expectation of a possible future price spike.”

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The Hindu, 23 October, 2020, https://www.thehindu.com/news/national/centre-steps-in-to-check-onion-prices-to-offer-buffer-stock-to-states-and-uts/article32929156.ece?homepage=true


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