FMC Must Act Firmly

FMC Must Act Firmly Nishtar RECENT developments in the Bombay oilseeds market deserve severe censure. It is not just that no solution has yet been found to the payments crisis arising out of large-scale illegal speculative activity in the so-called nontransferable specific delivery contracts in groundnut oil. Perhaps not many will have much sympathy for traders who come to grief on account of indulging in illegal activity; do not smugglers lose heavily when their goods are seized by the customs authorities? And the payments crisis might even prove a blessing in disguise if it deters the assumption of undue risks involved in illegal activity.