Paswan launches web Portal of WDRA

Speed Post News Network

New Delhi : Union Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan on September 26, 2017, launched the Web Portal of Warehousing Development and Regulatory Authority (WDRA) & Electronic Negotiable Warehouse Receipt (e-NWR) System in New Delhi.

Addressing the gathering on the occasion, Paswan lauded the initiatives taken by the WDRA in simplifying the Warehouse Registration Rules, digitizing the entire process of registration, monitoring and surveillance as well as creation and management of Negotiable Warehouse Receipts (NWRs) in electronic form through two repositories, according to a PIB release.

Paswan informed that the e-NWRs would have no chances of any tempering, mutilation, fudging, loss or damage and with no possibility of any multiple financing. Hence, these NWRs will not only facilitate an easy pledge financing by banks and other financial institutions but also smooth trading on various trading centres like commodity exchanges, electronic National Agriculture Markets (e-NAM) and other electronic platforms. He felt that these e-NWRs will save expenditure in logistics as the stocks could be traded through multiple buyers without physical movement and can be even split for partial transfer or withdrawal.

Paswan expressed that these initiatives would revolutionise the marketing of agricultural commodities and help farmers get better price for their produce which will be a step towards doubling the farmers’ income by 2022.