Authority for lifting goods is a letter to be furnished by the depositor/buyer to the warehouse providing details of his representative who is authorized to lift the delivery from the warehouse. Such letter is to be submitted along with duly endorsed original warehouse receipt, quality certificate and relevant documents.
Author: admin
Would commodities be accepted without assayer’s certificate?
No.
Would inventory verification be carried out?
Yes. The Exchange would carry out periodic inventory verification/audits at the warehouses.
How would you book warehouses space ?
The Exchange has provided “Space Booking Form” & the same is available at www.mcxindia.com/MarketOperations/Warehousing & Logistics.
How many warehouses would be there?
The Exchange has accredited various warehouses and the details are available on the website at www.mcxindia.com/MarketOperations/Warehousing & Logistics.
Who will bear the cost for issuance of quality certification by an approved Assayer?
The cost of issuance of quality certification by an approved assayer shall be borne by the Depositor/holder of commodities.
Who are Approved Assayers for the purpose of quality certification of the commodities to be delivered?
Kindly refer the circular issued by Exchange from time to time. The same is also available on the website at www.mcxindia.com/MarketOperations/Warehousing & Logistics.
How can one know the Validity & Grade matrix?
Kindly refer the circular issued by Exchange from time to time. The same is also available on the website at www.mcxindia.com/MarketOperations/Warehousing & Logistics.
How will you ensure standardization in delivered grades / varieties?
The exchange will specify, in its contract specifications, the particular grade / variety of a commodity that is being offered for trade. A tolerance quality parameter range will be mentioned for all the quality parameters and only those grades, which fall within the range, will be accepted for delivery. In case the specifications fall within the range, but differ from the benchmark specifications, the Exchange will specify a premium / discount.
What is Re-Validation?
The Quality Certificate (QC) issued is valid for a certain period after which the QC has to be revalidated. Revalidation of commodity means extension of the quality certificate, E.g.
Chana has validity of 3+3+2 which means the first QC will be valid for 3 months after which 1st revalidation has to be done and which will carry 3 months validity. After 3 months, 2nd revalidation has to be done which will be valid for 2months after which the quality certificate expires and that commodity cannot be offered for delivery on exchange platform. Every quality revalidation, whether fresh or renewal, involves the process of testing or assaying the samples of the commodity for determining its conformation to the quality specifications of the relevant contract specifications.
