1. Now, onion traders at Lasalgaon stop auctions… for want of cheque books

Now, onion traders at Lasalgaon stop auctions… for want of cheque books

Onion traders at Lasalgaon — the country’s largest wholesale market for the bulb — decided to take a break on Wednesday and stop auctions for the want of cheque books.

By: | Pune | Published: November 24, 2016 6:47 AM
onion prices, onion price in india, onion price per kg, onion price today, onion Wholesale prices, onion wholesale prices, onion harvest, Neemuch, Madhya Pradesh, neemuch mandi Traders also wanted to find out if the cheque payments made by them during the last week have been credited in the accounts of farmers. (Image Source: Reuters)

Onion traders at Lasalgaon — the country’s largest wholesale market for the bulb — decided to take a break on Wednesday and stop auctions for the want of cheque books.

According to top officials of Lasalagaon Agriculture Produce Committee, traders met chairman Jaydutta Holkar and sought a break from trading since they needed time to get their cheque books issued from banks. Normally, a cheque book takes two to three days to be issued and traders have sought time from the market for this, Holkar said.

Traders also wanted to find out if the cheque payments made by them during the last week have been credited in the accounts of farmers. And, since these are large amounts, a decision was taken not to hold any onion auctions on Wednesday, he said, adding that the market shall resume on Thursday.

On Tuesday, some 6,500 quintals of onion were traded at Lasalgaon at a modal price of R974 per quintal. Minimum prices were around R700 per quintal and maximum prices were around R974 per quintal.

APMC markets in other parts of Nashik district including neighbouring Pimpalgaon however remained open. Holkar pointed out that since the scale of operations at Lasalgaon is large and the amount involved is also big, it was necessary to give traders some time.

APMCs in Nashik district resumed onion auctions last week after remaining shut for over 8 days over the demonetisation move of the government.

Lasalgaon APMC had stopped the auction from November 10 to 17 due to non-availability of cash and also to avoid inconvenience to farmers as traders were unable to pay cash.

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