New Delhi, May 28: Government has removed 39 commodities from the purview of Forward Contracts Regulation Act, aiming to liberalise their trade. This will facilitate party-to-party contract trading in 39 commodities including wheat, rice or paddy, gram, jowar, bajra, maize, ragi, small millets, tur, urad, moong, masur, linseed, linseed oil and oilcakes, imported art silk yarn, methi, coriander seed, gold silver, silver coins, gur and kapas.
These commodities earlier came under the Section 17 and 18 of the Forward Contracts (Regulation) Act, 1952, an official statement said here.
To promote smooth trading, Central government in consultation with the Forward Markets Commission has exempted all non-transferable specific delivery (NTSD) contracts in these commodities from the purview of the FMC Act with effect from May 27, 2003.
In August last year, the government had exempted trading in jute, cotton and edible oil from the purview of this Act, it added. Bureau Report