The government will release 10,000 tonnes of pulses from its buffer stocks to boost supply in the domestic market and check any price rise.
The Centre has also directed state governments to keep a close watch on the prices and to take stringent action against hoarding of the commodity.
Although retail prices of pulses have eased from the last year's level of Rs 200 per kg, rates are still ruling high at Rs 83-177 per kg range in most parts of the country.
"The Centre has decided to release 10,000 tonnes pulses mainly tur and urad from buffer stock to ensure their availability at reasonable prices," an official statement said.
The Centre asked the state governments to avail this benefit and utilise the available stocks for managing the prices of pulses in their respective state.
It has asked states to project their demand of pulses immediately to ensure timely allocation from the buffer stock.
A buffer stock of 50,000 tonnes has been created to deal with any price rise.
Pulses prices are under pressure due to fall in domestic production in the wake of back-to-back drought.
Meanwhile, the Centre has already empowered the states to impose stock limits on the pulses to ensure easy availability.
The government agencies have made procurement of about 50,000 tonnes of pulses from farmers during the Kharif Marketing season 2015-16 and has contracted 25,000 tonnes of pulses for import.
The government is also initiating procurement of rabi pulses and has targeted to procure around 1,00,000 tonnes of chana and masoor to build the buffer stocks further.
"SEBI has decided to implement various regulatory measures on Chana contracts which include increase in the margin requirement to discourage speculation and to moderate the price volatility in forward market," the statement said.
In order to encourage pulses production, the government has already increased MSP for pulses, by Rs 275 per quintal for tur and urad, and by Rs 250 per quintal for moong.
As per the agriculture ministry's second estimate, pulses production is estimated at 17.33 million tonnes in 2015-16 crop year (July-June), marginally higher than the previous year's production of 17.15 million tonnes.
India is the world's largest producer of pulses, but its domestic demand outstrips production. The shortfall is met through imports.
