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News Entry# 82737
Jul 13 2012 (07:50)  Forward Contract Regulation Act talks on hold after railway minister plea (
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News Entry# 82737     
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Posted by: rdb*^  131727 news posts
KOLKATA: They had crossed swords over presidential poll, but a day ahead of the UPA meeting on vice-president election, both the Congress and the Trinamool Congress seem to have softened their stances. On Thursday, Prime Minister Manmohan Singh "kept the discussion on reforms in forward trading on hold for the time being" because railway minister Mukul Roy - now in north Bengal - could not make it to the Union Cabinet meeting.Earlier in the day, the railway minister called the Prime Minister on Thursday and urged him to discuss the Forward Contract Regulation Act (Amendment) Bill on a later date. The PM postponed the Cabinet discussion on this issue to honour the railway minister's request.A few days ago, the railway minister, after being prodded by chief minister Mamata Banerjee, wrote a detailed note to the PMO explaining why Trinamool opposed the Bill that would "lead to further price rise". Mukul Roy...
didn't convey his note of dissent because he could not make it to the Cabinet meeting.But the PM's step is not enough to satisfy Mamata, who wants the bill scrapped when the discussion on it has been deferred for the time being. She fears that the Congress-led government would go on an overdrive and push through the proposed reforms in forward trading and FDI entry in multi-brand retail. The chief minister is also apprehensive of a revision in petroleum prices (including diesel prices) that chief economic advisor to the Centre Kaushik Basu had mentioned during his visit to Kolkata.
The Centre wants the bill on forward trading to give more powers to commodity markets regulator as part of the reform process. The bill, introduced in the Lok Sabha in December 2010 and referred to the Parliamentary Standing Committee, would be taken up by the Cabinet sometime later, following the Trinamool's objections.
There are five national and 16 regional commodity bourses in the country with an annual turnover of Rs 181.26 lakh crore during the 2011-12 fiscal.
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