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Following Para No. 8A has been added in the Finance Minister’s Budget-2007-08 Speech:
Indian Budget 2007-08- Full Text of Budget Speech
8A. Sir, I wish to report to the House that the Forward Markets Commission, which is the regulator, has informed the Government that effective today no new forward contracts will be launched in wheat and rice.
The Standing Committee on Consumer Affairs, Food and Public Distribution has submitted a report on forward trading in commodities. Taking note of the report, the Government has decided to appoint an expert committee under the chairmanship of Prof. Abhijit Sen to go into the aspects of forward trading in essential commodities that impact the consumer. The Committee will be requested to submit its report in two months. Honourable Members are also aware that the Prime Minister has written to all Chief Ministers on February 21, 2007 on the need to strongly monitor activities that may amount to speculation, hoarding and profiteering, and requested them to put in place an appropriate mechanism to monitor prices and take corrective action.
While the Central Government will continue to take effective steps to moderate inflation, the Prime Minister has also emphasised the important role of State Governments in this regard.
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