LAHORE: The Punjab government has decided to introduce a new system for determining the market price and purchasing wheat, which aims to end government raids and round-ups in the open market.
According to the Food Department, consideration is being given to including aggregators and electronic warehouse receipt systems under the new system.
The Punjab government has decided to make a major change in the current system for purchasing and determining the price of wheat.
According to the Food Department, a new model is being developed under which the average price of wheat in the market will be used as the basis for purchasing.
Under this system, the average price of the last 3 months by the Federal Bureau of Statistics or the Provincial Price Council will be considered as the purchasing price.
The government will purchase wheat by giving a fixed profit to private traders and stockists, which will later be provided to flour mills.
In the proposed system, registration and declaration of wheat will be made mandatory for all stakeholders, including rice shellers, cotton ginning factories, flour mill owners, and middlemen.
The Food Department will have the first right to purchase wheat, while in case of refusal, private owners will be allowed to sell in the open market.
According to officials, this new system will not only increase transparency but also improve the storage capacity of wheat in government custody.
