On Thursday, 14th September the income tax authorities have raided on onion merchants in the state of Maharashtra. The IT raids were done in places of Lasalgaon and Pimpalgaon. The IT officers insist on last month sales documents when the onion prices have risen.
Income Tax Raids on Maharashtra Onion Traders
The farmers ceased auctions as costs slammed by 30 percent. After staying repressed for over a year, onion costs had increased pointedly in August, taking retail costs to Rs 50/kg. The value rise was ascribed to theory as the nation had an adequate load of onions. Sources said the premises of eight or nine brokers from Nashik area, who represent 30-40 percent of the onion trade in the district, were checked by I-T authorities.
The examination, being completed at the workplaces, godowns, and stockrooms of merchants, will be on for maybe a couple more days, they said. Agriculturists are concerned that the activity may prompt a fall in onion costs, exactly when the Kharif season is prepared to come to business sectors. Spot discount onion costs smashed from Rs 14/kg to Rs 9/kg on news of the IT attacks. The Kharif season has started in Maharashtra and some other states.
“At present, onion wholesale prices are ruling at around Rs 9kg, which is not a high rate considering farmers have been carrying this stock for six months now and have had about 50 per cent losses due to rotting,“ said Jayadatta Holkar, chairman of Lasalgaon Agricultural Produce Market Committee.Market representatives say that if the government wanted to check speculation, they should have raided when prices were Rs 30kg.
“Raids at this time can pull the rates down when farmers still have huge stocks and the new crop will start arriving after Dussehra,”said Holkar.