Traders boycott onion auction after I-T raids

  • | Saturday | 16th September, 2017

NASHIK: A day after incometax (I-T) officials searched the premises of seven major onion traders, onion farmers and traders in Nashik district boycotted the auction at the Lasalgaon wholesale market on Friday. But the reverse trend began from August 18 after a two-member team from the Centre visited Lasalgaon to check the reasons behind the rise in the wholesale onion prices. Soon after the searches started on Thursday, wholesale onion prices crashed drastically. The average wholesale onion prices at Lasalgaon crashed by 35% after the searches at the offices, godowns and residences of the big traders in Nashik district. "On Friday, the farmers too boycotted the onion auction and did not bring their produce to the market due to the crash in the wholesale prices," Holkar said.

NASHIK: A day after incometax (I-T) officials searched the premises of seven major onion traders, onion farmers and traders in Nashik district boycotted the auction at the Lasalgaon wholesale market on Friday. Jaydatta Holkar, chairman of Lasalgaon Agriculture Product Market Committee (APMC), confirmed to TOI that the traders had boycotted the onion auction following the searches by IT officials.The big traders purchase more than 30% of the arrivals in the market. Soon after the searches started on Thursday, wholesale onion prices crashed drastically. "On Friday, the farmers too boycotted the onion auction and did not bring their produce to the market due to the crash in the wholesale prices," Holkar said. He was, however, optimistic the auction would resume from Monday."Traders have panicked following the searches that are still going on. We were in no mood to participate in the auction," an onion trader said.Meanwhile, I-T sleuths continued the searches for the second day running. Around 24 teams with 150 investigating officials from Thane, Pune, Aurangabad and Nashik are conducting the searches. The average wholesale onion prices at Lasalgaon crashed by 35% after the searches at the offices, godowns and residences of the big traders in Nashik district. The prices fell to Rs 900 per quintal as against Rs 1,400 on Wednesday. The minimum and maximum wholesale onion prices were recorded at Rs 500 and Rs 1,331 per quintal respectively.The average wholesale onion prices in the domestic market had increased five times from Rs 450 per quintal on May 31 to Rs 2,450 per quintal on August 10, registering a 20-month high due to short supply. But the reverse trend began from August 18 after a two-member team from the Centre visited Lasalgaon to check the reasons behind the rise in the wholesale onion prices.

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