Centre to amend Warehousing Act-The Hindu-28-07-2022
Context :The Union Food and Public Distribution Ministry has suggested major amendments to the Warehousing (Development and Regulation) Act of 2007.
Objectives of Warehousing (Development and Regulation) Act, 2007
The main objectives of the Warehousing (Development and Regulation) Act, 2007 are to make provisions for the development and regulation of warehouses, negotiability of warehouse receipts, establishment of a Warehousing Development and Regulatory Authority (WDRA) and related matters. The Negotiable Warehouse Receipts (NWRs) issued by the warehouses registered under this Act would help the farmers to seek loans from banks against NWRs and will avoid distress sale of agricultural produce. It will also be beneficial for a number of other stakeholders such as banks, financial institutions, insurance companies, trade, commodities exchanges as well as consumers.
What is E-Governance initiative of the WDRA ?
The WDRA is undertaking transformation plan of WDRA in consultation with National Institute of Public Finance and Policy (NIPFP) which besides other objectives, envisages creation of information system relating to the Negotiable Warehouse Receipts (NWRs) market. It is proposed to put in place an enabling frame work for establishment of data base for storing and sharing of information related to warehouses, warehouse service providers and the issuance and trade of NWRs.