Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan on 26 September 2017 launched the Web Portal of Warehousing Development and Regulatory Authority (WDRA) & Electronic Negotiable Warehouse Receipt (e-NWR) System in New Delhi.
While launching the system, Paswan appreciated the initiatives taken by the WDRA in simplifying the Warehouse Registration Rules, digitizing the entire process of registration, monitoring and surveillance as well as creation and management of Negotiable Warehouse Receipts (NWRs) in electronic form through two repositories.
• The e-NWRs would be immune from any tempering, mutilation, fudging, loss or damage and with no possibility of any multiple financing.
• Therefore, the NWRs will not only facilitate an easy pledge financing by banks and other financial institutions but also smooth trading on various trading centres like commodity exchanges, electronic National Agriculture Markets (e-NAM) and other electronic platforms.
• These e-NWRs will save expenditure in logistics as the stocks could be traded through multiple buyers without physical movement and can be even split for partial transfer or withdrawal.
The entire purpose of simplifying the processes and moving towards online system would enhance WDRA’s regulatory functions and bring greater fiduciary trust among banks, depositors and the trade on the e-NWR system.
Who: Union Government
When: 26 September 2017