National Commodity & Derivatives Exchange (NCDEX) has begun implementation of Radio Frequency Identification (RFID) technology in exchange-approved warehouses.
RFID ensures that the commodities stored in the warehouses are tracked through radio frequency signals and the real-time information helps improve the efficiency and reliability of the storage and delivery operations at the warehouses.
NCDEX is the first commodity exchange in the world to use this technology for the goods stored in its approved warehouses. National Bulk Holding Corporation became the first warehouse service provider of the exchange to start RFID at MV Agro-Tech, its warehouse in Khara, Bikaner, a statement issued by NCDEX said.
Under the said process every bag of commodity is tagged at the time of entry into the warehouse and the details of the lot are digitally stored. The RF tags facilitate automatic data entry, provide prompt and accurate information on the ownership, date of deposit and exchange expiry date.
Samir Shah, MD & CEO, NCDEX, said RFID tags will not only make stocks stored in the exchange-approved warehouses, electronically secure, but also bring about greater efficiencies and increased transparency in warehouse operations. The exchange plans to introduce RFID tagging in a phase-wise manner across all delivery centres (Jodhpur, Bikaner, Nokha, Sriganganagar and Deesa) for guar gum.
Later, this facility will be expanded to all commodities and warehouses.