Facing I-T raids, onion traders in Maharashtra's Nasik stop auction 

MUMBAI: After the Income Tax raid on onion traders in Nasik, traders at Asia’s largest onion market have halted the auction of onion stocks.

According to the traders, the central agencies are accusing them for the spike in onion prices.

“The central government should understand that the onion prices are going up not because of traders but due to its shortage in the market. The market depends on demand and supply,” said a trader.

In Lasalgaon market, onions were being sold at anywhere between Rs 10,000 and Rs 11,000 per quintal.

As against the previous year’s 20,000 to 25,000 tonne of daily arrival of stocks in the wholesale market,  it is down to 12,000 to 15,000 tonne. 

Making matters worse, heavy rains and flood have delayed the arrival of stocks in the market. Most of the stocks are damaged resulting in high prices, traders asserted.

Maharashtra food and civil supply minister Chhagan Bhujbal said that the federal agencies should not target the onion traders.

“It damages the market further. They  cannot hound traders and target them for the rising onion prices. The government should step in and help consumers and farmers to check the prices rather than indulging in petty IT raids,” Bhujbal said.