The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    Income Tax department raids onion traders from Lasalgaon

    Synopsis

    The raid comes amid ballooning onion prices which have touched Rs 80/kg to Rs 90/kg as incessant rainfall in Maharashtra, the top onion producing state of the country, has delayed harvest and also damaged the quality of the kharif crop. The average wholesale prices at Lasalgaon market have been ruling around Rs 45/kg.

    Agencies
    Onion prices are expected to remain within a wide range till end of December, with rain damaged crop selling at much lower prices, while the best quality continuing to command premium price
    PUNE: The income tax department has raided offices of at least four big onion traders from Lasalgaon, the largest market for wholesale trade of onions in the country. The highest rate of the bulb touched Rs 57/kg on Monday.

    "The Income Tax department has raided premises of four onion traders from Lasalgaon, who are involved in both domestic as well as export trade of onions. The auctions had stopped for a while, and resumed later, even as the total arrival of onions remained low," said an onion trader from Lasalgaon, who did not what to be identified.

    Retail onion prices have touched Rs 80/kg to Rs 90/kg as incessant rainfall in Maharashtra, the top onion producing state of the country, has delayed harvest and also damaged the quality of the kharif crop. The average wholesale prices at Lasalgaon market have been ruling around Rs 45/kg.

    MMTC, an agency of the central government had issued a tender on November 7 to import 1 lakh tonne onion. However, as the domestic prices had started sowing downward trend, traders were skeptical about getting import parity. Onion prices are expected to remain within a wide range till end of December, with rain damaged crop selling at much lower prices, while the best quality continuing to command premium price, said traders.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Also Read

    The Economic Times