Centre will bring in amendments to the essential commodities Act to achieve this purpose: Thomas Union Minister of State for Food and Civil Supplies K.V. Thomas has said the Central government will soon institute mechanisms to regulate private retail chains in the context of the fluctuating price regime and shortages in the supply of essential commodities. Addressing a ‘meet-the-press' programme organised by the Kesari Memorial Journalist Trust here on Saturday, Prof....

The poor man’s fuel, kerosene — paid for by state subsidy — is diverted to adulterating diesel mostly for truckers. And the industry is estimated to be worth half the sum the government spends on employment for the rural poor every year. Welcome to the Great Indian Kerosene Racket, which hit a new high this week when additional collector Yashwant Sonawane of Maharashtra’s Nashik district lost his life in a...

The term ‘money laundering’ is said to have originated from mafia ownership of Laundromats in the US. Gangsters there were earning huge sums in cash by extortion, prostitution, gambling and bootleg liquor. They needed to show a legitimate source for these monies. Money launderers now resort to the use of apparently legitimate commercial transactions to camouflage their laundering activities. There has been an increasing amount of interest of late in commodity...

Warning against high inflationary trends, United Nation's Food and Agriculture Organisation (FAO) has asked developing countries not to take short-term policy measures like export curbs to contain food prices. Developing countries should "carefully examine the implications of high food prices and not to take any policy actions that might appear useful in the short term but could have harmful, longer-term effects or even aggravate the situation", the UN body said, while...

Export curbs during 2008 crisis ‘exacerbated' situation. The Food and Agriculture Organisation on Wednesday said short-term policy actions, especially curbs on exports, could have harmful effects in the longer term and even aggravate the situation. In statement put on its website, the organisation, a body of the United Nations, pointed out at the 2007-08 crisis in the global food market as an example of how such decision can exacerbate the situation...