Markfed launches warehousing facility

Chandigarh, Apr 2 (UNI) To add value to farmers produce, Markfed, Asia's biggest Cooperative has launched warehousing facility and future trading of wheat facility for farmers.

The farmers will be able to stock their produce with Markfed and it will take full responsibility for its preservation and quality maintenance in scientific manner, Markfed Managing Director S S Channy said today.

The salient features of the scheme is that Markfed shall arrange the advance equivalent to 70 per cent of the stock calculated at MSP at the interest of nine per cent per annum and warehouse receipts shall be issued. Wheat shall be available to the farmers at any point of time.

Mr Channy said that by storing their wheat in the warehouse of Markfed, farmers can avail of the opportunity to sell their crop at anytime at the prevailing market prices or future market prices, as were being traded in National Commodity Exchange (NCDEX) and Multi Commodity Exchange (MCX) and reap the profit of their produce at the best prices available. The maximum period of storage would be of nine months and Markfed will charge storage and maintenance including insurance at Rs 3.25 per quintal. He said storage charges shall be charged from the farmers on a monthly basis even if the stocks remain in warehouses for less than 30 days in a particular month.

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