August 11, 2022

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warehousing: Registration to be should for Third-party agri warehouses

The central authorities plans to make it necessary for third-party warehouses that inventory agricultural commodities to register with Warehousing Improvement Authority by amending the Warehousing (Improvement & Laws) Act (WDRA).

The proposed modification will encourage scientific warehousing ecosystems, thus serving to farmers retailer their produce in scientific godowns, an official aware of the event informed ET. It is going to additionally make it obligatory for warehouse operators to subject digitised negotiable warehouse receipts (NWR), making the system extra clear.

“Lending establishments like banks could have entry to NWR repositories, thereby growing ease of lending,” mentioned the individual cited above. “Farmers can pledge to get financial institution loans in opposition to their agri produce stored in warehouses.”

Greater than 2,000 warehouses have up to now been registered with the WDRA, the official added.

The proposed modification may even strengthen Warehousing Improvement and Regulatory Authority, giving it enforcement powers. The composition of the authority may even be elevated to 6 from three.

Whereas the federal government will begin with registration of warehouses with capability of 5,000 metric tonnes and above, it should later transfer on to deliver underneath its purview all warehouses as much as 100 metric tonnes capability, thus bringing underneath its ambit a whole lot of warehouses on the farm gate and benefiting farmers instantly, the official mentioned.

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