FCI selling rice to control price in open market in Jharkhand
The Food Corporation of India is selling rice in Jharkhand under the Open Market Sale Scheme to stabilise prices and curb black marketing. Rice is offered at ₹2,890 per quintal through e-auctions to traders, bulk buyers and rice product manufacturers. Buyers must register with Valuejunction and fulfil GST and PAN requirements. Successful bidders must lift and sell the stock within the specified time, with one rake load of about 2,650 tonnes as the minimum quantity.
With an aim to control prices, the Food Corporation of India (FCI) is selling rice in the market in Jharkhand through its Open Market Sale Scheme (Domestic).
This is in accordance with a directive of the central government, says FCI’s Assistant General Manager S. Tulsidas.
While interacting with media persons,Tulsidas has informed that FCI is selling rice at a fixed price of Rs 2,890 per quintal.
This is being done to contain black marketing and control prices. Prior to the sale, the rice is sold through e-auctions to traders, bulk buyers, and manufacturers of rice products.
As per the guidelines,buyers must register with FCI’s e-auction service provider and meet certain criteria, including a GST and PAN registration.
The modus oprendi of FCI selling rice in Jharkhand is this.
1.Open Market Sale Scheme (Domestic): FCI is selling rice from its central pool stock to lower market prices.
2.E-auction: The sale is conducted through e-auctions, with the successful bidder being able to place bids for stocks of rice.
The eligibility of buyers is that that the sales are open to traders, bulk buyers, and manufacturers of rice products.
The buyers have to participate in the auction, eligible buyers must register on the FCI’s service provider’s website, Valuejunction, and submit necessary documents.
Then, selected/successful buyers have to process and sell the rice in the market within a specified period to help control prices.
For the buyers the minimum bid amount is often a “rake load” (2,650 tonnes of rice) and is sold to a single buyer or a group of buyers with a single lead buyer.
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Source : Jharkhand State News
