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Commodity Tips, WDRA to ban paper warehouse receipts by March
The Warehousing Development and Regulatory Authority (WDRA) is planning to ban physical warehouse receipts by March to nudge registered warehouses to issue only electronic receipts.
At present, all warehouses issue both paper and electronic warehouse receipts, of which some are negotiable. Some electronic warehouse receipts issued by warehouses registered with the WDRA are made tradable among members for smooth transfer of ownership of the underlying commodities without their physical movement. This saves cost for buyers of the underlying commodities, resulting in lower prices of the traded goods.
Electronic warehouse receipts will be transferred through repositories. The NCDEX repository has issued 30 such receipts while the repository set up by the CSDL is yet to become active on this score.
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