Stock Limits Imposed On Soyameal Till June 2022 To Check Price Rise

The government imposed stock holding limits on soyameal, which is used as a raw material in the poultry feed industry, till June 2022 to curb hoarding and check price rise. The limits will be in place till June 30, 2022, according to a statement by the Ministry of Consumer Affairs, Food, and Public Distribution today.

Also, the government also notified an order under the Essential Commodities Act to declare 'soyameal' as an essential commodity up to June 30, 2022, by amending the Schedule of the Essential Commodities Act, 1955.

Soya meal processors, millers, and plant owners can hold a maximum stock of 90 days and are required to declare the storage location. Government-registered trading companies, traders, and private chaupals can hold a maximum stock of 160 tonne with a defined and declared storage location.

If stocks held by legal entities are higher than the prescribed limits, then they have to declare the same on the food ministry's portal - http://evegoils.nic.in/soya_meal_Stock/login and bring it to the prescribed stock limits within 30 days of the issue of the notification.

The soyameal stock should be regularly declared and updated on the portal, the statement said. The data on the portal will be regularly monitored and any follow-up action will be taken by the Department of Animal Husbandry and Dairying.

"The above measures are expected to stop any unfair practices (like hoarding, black marketing etc) in the market having the potential to hike the prices of soyameal," said the government statement.

The notification of soyameal as an essential commodity will help the government and states regulate the production and distribution of soyameal.

The move will help to curb unfair market practices and enhance the availability of the commodity for consumers like poultry farm and cattle feed manufacturers, according to the food ministry.