CAIT WELCOME PM ANNOUNCEMENT OF ACTION AGAINST HOARDERS & FAST TRACK COURTS
The Confederation of All India Traders has welcomed the statement of Prime Minister Shri Narendra Modi about stern action against hoarders and setting up of fast track courts for dealing such matters.
CAIT National President Mr B C Bhartia and Secretary General Mr Praveen Khandelwal strongly condemned hoarding of any kind demanded redifinition of hoarding.They said that real hoarders needs to be identified . The traditional traders may be big dealers of one time but in present situationm big corporate retailers, under the garb of maintaining stock for meeting commitments made in forward trading in commodity exchanges Multi Commodity are keeping and maintaining huge stock in their respective large warehouses. They said that to feed their respective retail stores across Country, the corporate retailers maintain buffer stocks of months together of different commodities in a regular manner and hoard huge quantity of various commodities. Their warehouses should also be searched for hoarding commodities.
They also said that sizable number of importers are keeping their stocks in SAARC Countries and brought them in India as and when need there is shortage of commodities and prices are high. Such hoarding should also be looked into as it has vital impact on prices of the commodities particularly pulses, food grains, essential items etc.
They further said that future trading of different essential and daily use commodities in commodity exchanges is also one of the important factor for rising inflation and the govt should initiate steps to monitor working of commodity exchanges. They reminded that the report of Narendra Modi Committee on inflation formed in previous tenure of UPA Government should be studied and effective steps maybe taken by the Govt in regard to commodity exchanges and curbing inflation.
Both Mr Bhartia and Mr Khandelwal suggested that either the delivery of the commodities traded in the commodity exchanges may be made mandatory or the commodity exchanges should be scrapped . The stocks hoarded in the name of commodity exchanges trading should be brought in the open market.
Both Mr. Bhartia and Mr. Khandelwal suggested the Government to convene a meeting of the traders working in big APMC markets of the Country and seek their cooperation. The CAIT is sure that such a move of the Government will result into desired fruits and steps taken by the Government to combat inflattion will be further strengthen
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