UCX goes live with its commodity futures trading

In the first phase, Universal Commodity Exchange is offering trading in gold, silver, crude oil, chana, rubber RSS4, mustard seed, soyabean, refined soya oil and turmeric

Universal Commodity Exchange (UCX), the newest nationwide commodity futures trading platform had gone live from 19th April. UCX is offering gold (Gold Kilo & Gold Nano), silver (Silver 30 & Silver Nano), crude oil, chana, rubber RSS4, mustard seed, soyabean, refined soya oil and turmeric during the first phase of trading.

 

Ketan Sheth, chairman of UCX said, “We believe that higher number of players in this space would ultimately lead to lower cost of trade, better services and turnaround time, innovative products, accelerated development of support infrastructure and services, strong linkages with vibrant physical markets, wider awareness and reach, and market penetration. This would ultimately assist in the overall development of the commodities market in the country”.

The commodity exchange has already developed new variants of the existing permitted commodities and also a couple of new commodities that would be launched in due course of time subject to necessary approvals, it said in a release.

 

UCX has received over 300 confirmations, out of which about 100 have become trade participants, while the rest are at different stages of the membership process. This includes 60 first-time applicants.

 

“The key benefits given to members include multi segment product offering, optimal fees and deposits, zero blockage of excess risk capital, simplified and quick on-boarding of members, independent and professional management with a strong promoter consortium and customer centric approach, we aim to achieve a steady organic growth,” said Praveen Pillai, managing director and chief executive of UCX.

 

UCX is a joint initiative by IDBI Bank, IFFCO, NABARD, REC and COMMEX Technology.

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Stir at M&M’s Igatpuri plant called off; work resumes

The company management gave in to the union’s demand of reinstatement of the suspended workers after the intervention of Shiv Sena president Uddhav Thackeray, who had a meeting with a senior Mahindra Group official on Saturday, a union leader said on Monday

The work at auto-major Mahindra & Mahindra’s (M&M) engine manufacturing facility at Igatpuri, near Nashik, resumed on Monday ending the 14-day “tools down” agitation by workers, who were protesting the suspension of two employees including a union leader.

 

The company management gave into the union’s demand of reinstatement of the suspended workers after the intervention of Shiv Sena president Uddhav Thackeray, who had a meeting with a senior Mahindra Group official on Saturday, a union leader said on Monday.

 

Besides, the management also agreed to withdraw the charge-sheet against the suspended duo, he said.

 

“The employees have called off the agitation and work at the plant has resumed from 11 am,” Bhartiya Kamgar Sena President Suryakant Mahadik told press persons.

 

The employees union at the engine plant is affiliated to BKS of the Shiv Sena.

 

The plant produces 1,100 engines per day in three shifts for Mahindra’s vehicles such as XUV 500, Bolero, Xylo, Genio and Maxximo.

 

Sources at the plant said that the company suffered a production loss of around 8,000 units due to the agitation, which began on 9th April.

 

“Since the plant remained crippled for almost two weeks, the company suffered a production loss of 1,100 units per day. The loss would have been higher but for two weekly offs and two holidays during the protest period,” union sources said.

 

However, the claim could not be verified as the company did not put any number to it.

 

Around 1,600 employees, including contract workers, were on protest since early this month against the suspension of union leader Sunil Yadav and another worker.

 

After his talks with the company management, Thackeray called a meeting of the union committee at ‘Matoshree’ in Mumbai yesterday and asked them to withdraw their agitation.

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RTI Judgement Series: Display info about MLA's LAD Fund expenditure on sign-boards in Hindi, as well

Acting on a complaint, the CIC directed the GNCTD to display information on sign-boards about local area development funds allotted to MLAs and update the details of expenditure every six months. This is the 77th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while allowing a complaint, asked the Chief Secretary of the Government of National Capital Territory of Delhi (GNCTD) to display information about local area development (LAD) funds allotted to members of legislative assembly (MLAs) and update the details of expenditure every six months.

 

While giving this judgement on 10 February 2011, Shailesh Gandhi, the then Central Information Commissioner said, “...when public authorities do not fulfil their obligations under Section 4 of the Right to Information (RTI) Act, citizens have no way but to seek information under Section 6, which in turn becomes a cost for the citizens as well as the government.”

 

New Delhi resident Anjali Bhardwaj, along with 317 other citizens, filed a complaint to the Commission under Section 18 of the RTI Act.

 

The complaint stated that details of funds spent by the respective MLAs under the LAD Fund of the city of Delhi should be available suo moto for the knowledge of the general public of the respective constituencies.

 

Bhardwaj stated that 70 MLAs were allocated Rs2 crore each year under the LAD and that Section 4 of the Right to Information Act envisages that such information should be available in the public domain. She acknowledged that this information was available in English on the website of the GNCTD, however it cannot be accepted that the common man or a person of limited means has the resources or the knowledge of operating or availing such information through the website.

 

The Right to Information is a fundamental right of the citizens, which has been codified by the RTI Act, No22 of 2005. The Act envisions that all citizens shall receive information primarily by suo moto disclosures by various public authorities as prescribed by Section 4 of the Act. It further envisages that citizens would be required to specifically ask for information under Section 6 only in a few cases. However, when public authorities do not fulfil their obligations under Section 4, citizens have no way but to seek information under Section 6, which in turn becomes a cost for the citizens as well as the government. Obligations under the Section were to be fulfilled by 12 October 2005 and five years have already lapsed since then, Mr Gandhi, the then CIC, noted.

 

He stated that the Commission considered this as a bona fide request and observed that this information was a basic requirement under the Act and that the department ought to have done this earlier.

 

While allowing the complaint, the CIC, then directed the chief secretary of GNCTD, to install a sign-board of appropriate dimension, mentioning details of expenditure of the current as well as previous year of the MLAs under LAD Fund of each respective constituency in a format.

 

“The board shall also mention the exact link/URL to the page on the website of the department where the information can be viewed. No acronym/abbreviation should be used.  This information shall be displayed in Hindi and shall be installed at a location having maximum public view in each constituency. The board installed in each ward shall contain details of the expenditure of the MLAs under the LAD Fund of that particular constituency.  This will be maintained and updated each year within six months of the closure of the previous year, by the head of the public authority, or the officer(s) so directed by him in writing. This should be done by the 15 March 2011," the Commission said in its order.

 

CENTRAL INFORMATION COMMISSION

 

Decision No. CIC/SG/C/2010/001291/11403

http://www.rti.india.gov.in/cic_decisions/CIC_SG_C_2010_001291_11403_M_51553.pdf

Complaint No. CIC/SG/C/2010/001291

 

         

Complainant                                                 : Anjali Bhardwaj & 317 other Citizens,

                                                                              Delhi - 110 17

                                                           

Respondent                                                 : Chief Secretary,

                                                                           Govt. of NCT of Delhi,

                                                                           Delhi Secretariat, I.P Estate,

                                                                           Delhi - 110 002

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COMMENTS

NSriramamurty

4 years ago

In AP also all MLAs / MPs are allotted Rs.One Crore each for spending and Developing their Constituances. The Details of Amount Spent for Each Work with Work's Name are not Displayed anywhere by Anyone. I do not Think Any MLA / MP displaying their allotted Funds.
Good Informative Article .

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