NMCE modifies cardamon contract norms

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Ahmedabad, Oct 11 (UNI) Even as the National Multi Commodity Exchange (NMCE) has modified contract specifications of cardamom with immediate effect, it has added Central Warehouse Corporation (CWC) warehouse at Vendenmendu in Kerala as an additional delivery centre for cardamom.

The proposed changes, approved by the Forward Markets Commission (FMC), include that in size, weight, colour and certain other parameters.

The exchange has introduced an additional tender-able variety of cardamom, which should remain on the sieve of 7 mm size with 18 per cent premium. This is in addition to cardamom which should be retained by the 6 mm size in the sieve.

The cardamom should have a minimum volumetric weight of 400 grams/litre as against 415 gram/litre earlier. They could be of ''fancy green'' and ''fast green'', in addition to ''deep green'' and simply ''green''. They should not be discoloured capsules.

The cardamom delivered should be free from black and fruits.

Immature and split cardamom should not be more than 5 per cent each and thrips not more than 3 per cent by count. And, immature, split, shriveled and thrips together should not exceed 7 per cent.

The newly opened delivery centre at CWC warehouse at Vendenmendu in Idukki district is at par with Cochin Basis Centre.

Meanwhile, Yes Bank Limited has been added as another Clearing Bank of NMCE, as per the rules, regulations and the bye-laws of the exchange.

Members can open their settlement and client accounts with Yes Bank, in addition to HDFC Bank, which is already on the NMCE Empanelment as a Clearing Bank.


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