REGISTERED No. D. 221
The Gazette of India
EXTRAORDINARY
PART I—Section 1
PUBLISHED BY AUTHORITY
No. 86] NEW DELHI, WEDNESDAY, JULY 8, 1964/ASADHA 17, 1886
Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF COMMERCE
RESOLUTIONS
New Delhi, the 8th July 1964
No. 34(4)-Com(Genl)(FMC)/64.—Forward trading in staple fibre yarn wa3 banned by the Government of India by their notification S.O. No. 3797, dated the 17th December, 1962, issued under section 17 of the Forward Contracts (Regulation) Act, 1952.
2. The Forward Markets Commission has since examined the question of regulating forward trading in staple fibre yarn and submitted its report on the recognition of associations in respect of forward contracts in staple fibre yarn to the Government of India.
The Commission has recommended as follows:—
(i) Section 15 of the Forward Contracts (Regulation) Act, 1952, may be applied to staple fibre yarn in the whole of India, replacing section 17 of the Act, which is at present applied to the commodity;
(ii) A futures market in staple fibre yarn may be established immediately at Bombay; and
(iii) The Bombay Yarn Merchants) Association and Exchange Limited, Bom- bay, may be granted recognition under section 6 of the Forward Contracts (Regulation) Act, for conducting futures trading in staple fibre yarn for a period of two years.
2. The Government of India have accepted the foregoing recommendations made by the Commission, and have decided to grant recognition to The Bombay Yarn Merchants Association and Exchange Limited, Bombay, after it has complet- ed the modifications to its Articles of Association, trading Bye-laws and working procedure to the satisfaction of the Commission.
ORDER
Ordered that a copy of this resolution be communicated to all concerned and that it be published in the Gazette of India.
No. 34(5)-Com(Genl)(FMC)/64.-Forward trading in Kapas was banned throughout the country on the 26th November, 1962, under section 17 of the Forward Contracts (Regulation) Act, 1952. The ban was subsequently removed on the 2nd November, 1963. The Forward Markets Commission has since examin- ed the question of regulating futures trading in Kapas and submitted its report
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1214 T HE GAZETTE OF INDIA EXTRAORDINARY ["A"T 1-SEC, I]to the Government of India on the recognition of associations in respect of for- ward contracts in Kapas.
2. The Commission has recommended as follows:— .
(i) Forward trading In Kapas may be regulated throughout the country and a notification issued under section IB of the Forward Contracts (Regulation) Act, 1952, in July> 1964.
(11) Recognition may be granted in respect of forward contracU in Kapas, under section 6 of the Forward Contracts (Regulation) Act, 1952, to—
(1) The Punjab Company Limited, Bhatinda;
(2) The Mahesh Beopar Bhandar Compay Limited, Dhuri;
(3) The Saurashtra Oil and Oilseeds Association Limited, Rajkot, after an application for recognition In respect of Kapas has been received from the Association on the condition that the Association will conduct trading in Kapas through its ring at Surendranagar. It may, if possible, open a new ring for Kapas at Dhrangadhra, in due course; and
(4) The Jalna Merchants' Association Limited, Jalna.
The recognition to the aforesaid associations may be granted for a period of three years, subject to their carrying out such modifications in their Memoranda and Articles of Association, trading By-laws and working procedure as may be suggested by the Commission.
3. The Government of India accept the foregoing recommendations made by the Commission.
OKDER
Ordered that a copy of this Resolution be communicated to all concerned and that it be published In the Gazette of India.
S. VOHRA, Jt. Secy,
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