Auctions at Asia's largest onion market stopped due to income tax raids

Income tax raids on traders have resulted stoppage of the auctions at Lasalgaon, Asia's largest onion market, for two consecutive days. Trading will not be conducted on Friday either, as it is 'Amavasya' or no moon day. The Agricultural Produce Market Committee (APMC) works half-days on Saturdays but traders are unsure of the auctions on that day as well, while Sundays are weekly off days, which means full-fledged resumption can happen only on Monday.

Income tax officials raided ten onion traders in Lasalgaon on Wednesday for suspected tax evasion, resulting in immediate halt in trading activities. The market remained shut on Thursday too as the officials continued to be on the premises doing paperwork.

Onion growers are already frustrated because of a ban on exports of the kitchen staple. They will suffer a huge loss if auctions are not started immediately.

On Wednesday, onions were brought to the APMC but in the absence of auctions, they were taken to Vinchur, a sub-committee market 3 kms away, for sale. Therefore, the farmers did not suffer much inconvenience, some sources told business-standard.com.


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