Private firms declare 1.4 mt wheat stocks

Private companies have declared to the government wheat purchases totalling 1.4 million tonnes in the current calendar year till June 15, a senior official said today.

He said ITC has declared wheat buy of 780,000 tonnes, Cargill India has declared 250,000 tonnes, AWB India 144,000 tonnes, Britannia 138,000 tonnes and Delhi Flour Mills 86,000 tonnes.

All private players are required to declare their stocks once wheat bought by them after March 1 top 50,000 tonnes.

Under the Wheat (Stock Declaration by Companies or Firms or Individuals) Order issued on March 1, private players buying over 50,000 tonnes of the foodgrain during the current financial year need to declare details of purchases and stocks held by them to the government.

These companies have to submit weekly declarations to the government till June and monthly statements from July to December. The government order was passed to monitor stocks held by private companies and check hoarding.

Last year, private companies had bought large quantities of wheat from farmers at rates higher than government's support price to sell it at a profit.

This had affected the government's wheat procurement, that fell 7 million tonnes short of the target at 9.2 million tonnes. This year, though wheat procurement has topped 11 million tonnes, the government is keeping a close tab on private wheat buys to check hoarding. It has already allowed states to apply stock limits on wheat and pulses to check hoarding and the resultant price rise.