Centre released Rs.361 crore to the States

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Centre released Rs.361 crore to the States

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Centre releases Rs. 361 crore to States : The Centre on Tuesday released to the State Rs.361 crore as its share of the 2008 kharif crop insurance. Minister N. Raghuveera Reddy said the State and Central governments had sanctioned Rs.800 cr. under the crop insurance scheme claimed by 7.5 lakh farmers.

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Out of which, the State already released its share of Rs.356 crore a month back. The distribution process of the released funds would be completed in two-three days. . . In Other major Commodities Updates, we can read about the stories of flour mills across the country buying of wheat from government under OMSS via electronic auction process on NCDEX Spot Exchange and on NSEL. Also we will read of the story related to NCDEX, which is set to launch online spot trading in Rajasthan soon.

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Flour mills to buy wheat from govt through e-auction:

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Come January and flour mills across the country will start buying wheat from government under open market sales scheme (OMSS) via electronic auction process on NCDEX Spot Exchange and National Spot Exchange (NSEL). State-owned Food Corporation of India (FCI) has decided to use electronic trading platform of both the bourses to offer wheat under OMSS.

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Under OMSS, FCI has offered 1.5 million tonnes wheat in the first tranche in four states — Delhi, Haryana, Karnataka, and Andhra Pradesh. The minimum quantity has been fixed at 100 tonnes and then in multiples of 10 tonnes.

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NCDEX to start online spot trading in Rajasthan:

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NCDEX Spot Exchange (NSPOT), a spot trading arm of the country’s largest agri commodities futures trading platform, National Commodity and Derivatives Exchange (NCDEX), is all set to launch online spot  trading in Rajasthan soon. . The exchange has already got permission from the state government to launch spot trading in rapeseed/mustardseed, chana and guarseed in the state.

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With this, the exchange has secured permission to set up Spot exchanges in the states of Gujarat, Karnataka, Maharashtra, Haryana, Bihar, Rajasthan and Kerala. It also has APMC cess paid contracts in Madhya Pradesh.

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