Kolkata Apr 19 PTI Asserting that the jute industry is on the verge of collapse endangering the livelihood of three crore people engaged in this sector Trinamool Congress Chief Whip in the Rajya Sabha Sukhendu Sekhar Ray sought the intervention of the Centre to resolve the crisisFor this situation Ray blamed the Jute Commissioners Office which looks after orderly development and promotion of the industry in IndiaThe Rajya Sabha MP wrote separate letters to Union Agriculture Minister Narendra Singh Tomar and Textile Minister Piyush Goyal seeking their help to resolve the problemHe claimed that 60000 workers have lost their jobs following the closure of 15 jute mills owing to raw jute crisis allegedly due to government diktat on pricingFrom November 2021 the Jute Commissioners Office is engaged in an unhealthy battle with Bengals jute industry on the capping of raw jute price at Rs 6500 per quintal while the industry demand is Rs 7200 per quintal Chief Minister Mamata Banerjee has publicly opposed the cap imposed by the Jute Commissioner on 30 September 2021 but it has not been removed Ray said in the letters The state government had also requested the Commissioner to raise the ceiling to Rs 7200 a quintal he saidInstead of searching for a solution the Jute Commissioner for the past few months is engaged in a legal battle with the jute industry the TMC MP saidRay highlighted that the 2022-23 report of the Commission for Agricultural Costs and Prices also painted a gloomy picture saying acreage of jute has been declining for the last three years and supply has been reduced by 11 per centThe stock to user ratio SUR has also fallen by 84 per cent and jute yield is stagnant for the last five years There is a 70 per cent shortage of credible jute seeds needed for robust cultivation he saidRay urged both the ministers to intervene and save cultivators workers and the jute industry as a whole in public interest PTI BSM NN NN

Kolkata Mar 27 PTI The two-day nationwide general strike called by trade unions from Monday may have a minimal impact on the jute industry in West Bengal as a section of union leaders cast doubt over success of the cease-work call with mills reeling under a raw material crisis and workers facing hardshipMillers also felt that there would be a negligible impact on operations as the state government is against any strikeThe joint forum of central trade unions and various sectoral independent trade unions have given the strike call on Monday and Tuesday to protest against the Centres anti-people economic policies and anti-worker labour policiesWith the workers plight I am not sure whether they will be able to support the strike on the second day They are currently facing hardship and may not afford to lose a days wage They may extend support on Monday INTUC leader Ganesh Sarkar saidTrade unions backed by the Left Front however exuded confidence that the strike would be successful on both days A jute mill owner told PTI that there will be a negligible impact of the strike on mills as the state government is against the strike Indian Jute Mills Association chairman Raghavendra Gupta said the market price for raw jute continues to be around Rs 7200 per quintal as against the Centres ceiling of Rs 6500 leading to a disruption in the supply of the raw materialWe are currently suffering from the raw jute crisis and losing money We will lose if mills are forced to close during the strike Gupta added PTI BSM BDC BDC

Mumbai Jan 25 PTI In a relief for jittery depositors all branches of the crisis-hit PMC Bank will now function as the branches of the Unity Small Finance Bank Ltd USFBL with the completion of the takeover that also marks the end of a more than two-year long RBI-led revival process With the Union government notifying the scheme of amalgamation of the Punjab and Maharashtra Cooperative Bank PMC Bank and the USFBL with effect from January 25 the banks depositors can now withdraw their money in a phased manner or continue to have their accounts with the new entity In a not-so-common regulatory move the RBI in September 2019 superseded the board of the PMC Bank and imposed various restrictions including capping withdrawals by customers after financial irregularities at the lender came to light The amalgamation will come into force with effect from the date of the notification of the scheme ie January 25 2022 All the branches of the PMC Bank will function as branches of the USFBL with effect from this date the Reserve Bank of India RBI said in a release The central bank also said the USFBL is making necessary arrangements to implement the provisions of the scheme which envisages takeover of the assets and liabilities of PMC Bank including deposits as per terms of the provisions of the scheme USFBL promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as a joint investor was granted a banking licence in October 2021 USFBL started functioning on November 1 The PMC Bank had 137 branches across six states when the RBI superseded the banks board in September 2019 Out of the 137 branches 103 were in Maharashtra In respect of every savings bank account or current account or any other deposit account with the PMC Bank the USFBL will open with itself a corresponding and similar account in the name of the respective holder It will also credit thereto full amount including interest accrued till March 31 2021 as per the scheme of amalgamation notified by the Department of Financial Services under the Ministry of Finance Initially the insurance money received from the DICGC will be paid to all eligible depositors subject to a ceiling of Rs 5 lakh Thereafter the retail depositors will be permitted to withdraw additional amounts in a phased manner They can withdraw Rs 50000 at the end of first year from the appointed date of the scheme of amalgamation January 25 2022 and up to Rs 50000 at the end of the second year The depositors can withdraw up to Rs 1 lakh the end of three years Rs 25 lakh at the end of four years and Rs 55 lakh at the end of five years They can withdraw their entire amount from the bank after 10 years All employees of the PMC Bank will continue in service on the same remuneration and terms and conditions of service for a period of three years from the appointed date of the scheme of amalgamation The USFBL will have the option of merging branches of the PMC Bank according to its convenience and can also close down or shift the existing branches as per the extant instructions issued by the RBI In November last year when the RBI had floated the draft scheme of amalgamation USFBL had said the draft scheme provides much needed relief and clarity to over 1100 PMC Bank employees who will remain employed and continue uninterrupted service to clients The promoters of USFBL along with the joint investor have infused a capital of Rs 110510 crore in USFBL as on November 1 2021 Further equity warrants of Rs 1900 crore to be exercised anytime within a total period of eight years by the holders thereof was issued by USFBL on November 1 2021 to the promoters to bring further capital The RBI had superseded the PMC Banks board after detection of certain financial irregularities hiding and misreporting of loans given to real estate developer HDIL The banks exposure to HDIL was over Rs 6500 crore or 73 per cent of its total loan book size of Rs 8880 crore as on September 19 2019 PTI NKD CS RAM

New Delhi Jan 25 PTI Crisis-hit Punjab and Maharashtra Cooperative PMC Banks takeover by the Unity Small Finance Bank USFBL came into effect on Tuesday with the government notifying the scheme of amalgamation PMC Bank branches will operate as USFBL branches from Tuesday onwards the Reserve Bank of India RBI said in a statement on Tuesday The takeover comes into force little over two years after the RBI superseded the board of the PMC Bank after financial irregularities came to light On Tuesday the government sanctioned and notified the scheme of amalgamation envisaging takeover of the assets and liabilities of PMC Bank including deposits by the USFBL The amalgamation will come into force with effect from the date of the notification of the scheme ie January 25 2022 All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd with effect from this date the RBI said USFBL is making necessary arrangements to implement the provisions of the scheme it added A draft scheme of amalgamation prepared by the RBI was placed in the public domain on November 22 2021 whereby suggestions and objections if any were sought from members depositors and other creditors of the two lenders The deadline for submission of suggestions and objections ended on December 10 2021 USFB promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as a joint investor was granted a banking licence in October 2021 USFB started functioning on November 1 In September 2019 the RBI superseded the then board of PMC Bank and placed it under regulatory restrictions including cap on withdrawals by its customers after detection of certain financial irregularities hiding and misreporting of loans given to real estate developer HDIL The restrictions were extended several time since then PMC Banks exposure to HDIL was over Rs 6500 crore or 73 per cent of its total loan book size of Rs 8880 crore as of September 19 2019 PTI NKD RAM

Kolkata Jan 18 PTI Nine major trade unions have jointly written to Union Textile Minister Piyush Goyal drawing his attention to the crises plaguing the jute industry that are putting the livelihood of workers at stake In a recent letter the unions mentioned rampant lockout or suspension of work in jute mills of West Bengal and sought speedy action to protect the livelihood of mill workers growers and others associated with the industry We have sent a letter seeking Union Textile Minister Piyush Goyals intervention Bengal Chatkal Mazdoor Union general secretary Anadi Sahu told PTI The workers are in very bad shape financially in the last two years due to non-payment of wages during lockdown price rise of essential commodities and frequent lockoutsuspension of work in several mills the workers representatives said in the letter The unions that have jointly written the letter to the minister include the CITU INTUC AITUC BMS and the HMS Jute mill employers have in the meantime declared lockoutsuspension of work in a number of mills in West Bengal and thereby forced more or less one lakh workers out of employment mainly on the ground of non-availability of raw jute the price of which has been capped at Rs 6500 per quintal by the central government the letter said West Bengal Chief Minister Mamata Banerjee has also been apprised of the development The Centre had turned down the request of jute mills to revise the raw jute fair price to Rs 7200 per quintal in line with the current domestic and international prices the trade unions have always demanded monopoly purchase of raw jute directly from the jute growers through JCI or its agencies at a profitable price and canalisation to mills as per mills requirement on cash payment to ensure the smooth running of mills and supply of orders the letter read Claiming that raw jute is not lying with jute growers at the moment as they do not have hoarding capacity the unions said raw jute is therefore under the control of hoarders employers and their agents Since jute mill workers are in no way responsible for random lockout or suspension of work in mills therefore they are entitled to lay-off wages the letter said Without seeking revision of the fair raw jute price set by the Jute Commissioner the trade unions urged the government to set up a machinery by the Jute Commissioner for monopoly purchase of raw jute directly from jute growers through its agencies to combat the crisis in the future They also demanded payment of lay-off wages to all affected workers for lockoutsuspension of work and ensure payment of all dues to the workers towards provident fund gratuity and bonus PTI BSM MM MM

Kolkata Dec 19 PTI The jute sector has suffered a notional loss of Rs 1500 crore due to dilution of 481 lakh bales of hessian bag orders in favour of plastic materials for foodgrain packaging during the ongoing season industry sources said on Sunday The dilution was witnessed despite the support of the Centre and the Mamata Banerjee government in West Bengal a major jute producing state they said In November and December there was a dilution of 48 lakh bales of jute bags as millers were not able to supply that quantity of packaging material This resulted in an estimated loss of Rs 1500 crore an industry source told PTI The Narendra Modi government had in November approved reservation norms for mandatory use of hessian sacks in packaging for the jute year 2021-22 The norms provide for 100 per cent reservation of foodgrains and 20 per cent of sugar to be compulsorily packed in jute bags The Centre decided to protect the interest of domestic raw jute producers after the West Bengal government had requested it not to dilute the mandatory packaging order another industry source said However the Standing Advisory Committee on packaging of foodgrains in jute bags had recommended dilution of the order The PM and the CM have extended full support but the problem is with the ceiling price of raw jute which is the major bottleneck to increase production of the packaging material a miller said on condition of anonymity Elaborating on the problem that mills are facing he said the prevailing market price of raw jute is around Rs 7200 per quintal while the Jute Commissioners Office had imposed a ceiling price of Rs 6500 per quintal for sourcing the raw material for mills We are unable to procure the raw material at the fixed price and thus production and supply of the hessian bags got hampered he said Jute mills were supposed to supply 250 lakh bales of bags in November and 231 lakh bales in December but they failed to do so as there was chaos in the market over fixing of raw jute price the sources said The total annual purchase of jute bags by the Centre and the state agencies is around Rs 12000 crore Currently the running price of one bale of gunny bags 1 bale is equal to 500 jute bags is around Rs 31000 Indian Jute Mills Association revised its supply commitment from 1625 lakh bales to 135 lakh bales for Rabi marketing season 2022-23 as the raw material issues may further affect production of mills the sources said The Jute Commissioners Office however has allayed fear of any crisis and pointed out that there is no shortfall in the production The government has already started buying jute bags for Rabi crops but there was a backlog of 3 lakh bales which was supposed to be supplied for the Kharif season before November 1 an IJMA official said During the 2022-23 season millers can supply up to 285 lakh bales while the total annual jute bag requirement of the government will be around 4588 lakh bales of which 268 lakh bales are meant for rice and 1908 lakh bales for wheat they said According to an expert committee the raw jute production is pegged at 85-90 lakh bales during the year Jute mills are expected to consume 70 lakh bales while industrial consumption would be around 10 lakh bales and exports are likely to be two lakh bales PTI BSM BDC BDC

Kolkata Nov 29 PTI The Jute Commissioner has rejected the suggestion of the Indian Jute Mills Association IJMA for revising the fair price of raw jute to Rs 7200 per quintal and instead sought a price capping recommendation for finished jute sacking bags The jute mills lobby body had submitted their suggestion to the Jute Commissioner the regulator to revise the fair price of raw jute to Rs 7200 from Rs 6500 after an emergency meeting pursuant to a high level meeting in the state secretariat in presence of the West Bengal Chief Secretary As decided in the meeting convened by GoWB you are again requested to forward your proposal on maximum price cap in absolute terms in Rupees per 100 bags for consideration You may appreciate that fixation of maximum price is a regulatory function of the Jute Commissioner and once a maximum cap is imposed by publishing a gazette notification the same is binding and cannot contain any variable element in the cap price itself the Jute Commissioner said in a letter to IJMA It was unambiguously decided in the meeting that IJMA will forward the maximum price of jute bags which is proposed to be fixed in lieu of fixation of price of raw jute which is presently in force for consideration of the appropriate authority This was accepted by the representatives of IJMA who were present there the regulator said in its letter The Indian Jute Mills Association has refuted the claim of Jute Commissioner that mills representative had agreed to suggest only price cap of the finished jute sacking bag at the emergency meeting at the state secretariat last Friday IJMA chairman Raghav Gupta told PTI that IJMA had not agreed and sought time to discuss the matter with the larger committee members and get back in a days time which we did and sent our outcome as a proposal agreed among the larger members of the association The IJMA had suggested revising the fair raw jute price to Rs 7200 per quintal from Rs 6500 per quintal taking market realities into account IJMA had submitted their suggestion a day after a high level meeting at the Nabanna the state secretariat in presence of state Chief Secretary Responding to the proposal Jute Commissioner said It is apparent from the above that IJMA in its reply instead of forwarding the maximum cap price forwarded a complex proposal linking it again with price of raw jute and several other variables which was discussed but was not agreed to in the meeting itself and a consensus was reached that IJMA will forward its proposal on maximum price of jute bags on the next day itself The West Bengal government sought mills suggestions as it cannot allow unabated price rise of foodgrain jute sacking bags and the lobby body presented a method that allowed market driven price of raw jute with a ceiling as the Rs 6500 price cap has faltered creating a shortage in supply to mills The West Bengal government had also agreed to carry out massive dehoarding drive to unlock raw jute supply for the mills PTI BSM RG RG

Kolkata Nov 26 PTI The West Bengal government is in favour of the continuation of price sealing either on raw jute or hessian sacks as the authorities cannot allow persistent price rise of the foodgrain packaging material an official said on Friday A high-level meeting was held this evening at the state secretariat Nabanna in the presence of chief secretary labour minister and law minister he said Jute commissioner state enforcement department officials and representatives of Indian Jute Mills Association were also present at the meeting The state government has decided to carry out operations to stop hoarding of raw jute as it believes hoarders are dictating the price in markets the official said The government has mandated us to come out with a suggestion on how to keep jute bag price at check During the meeting the state administration said the price cap has to continue either on raw jute or on finished bags as the government cannot allow continuous price rise of bags which it procured for packaging of foodgrains IJMA chairman Raghavendra Gupta told PTI The millers body will hold an emergency meeting and inform the government about the price-check suggestion by Saturday evening he said IJMA was seeking removal of the raw jute price sealing as it has led to a shortage of the raw material for the industry impacting the production and supply of hessian sacks A Jute mill owner said the state government had pushed the onus on the millers The Jute Commissioners office had imposed a price ceiling of Rs 6500 per quintal on raw jute trade in order to ensure supply of raw material to the mills at a fair price It had also fixed jute stock limit for different categories of stakeholders PTI BSM BDC BDC