ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Defence of India Rules-Diminishing Returns

October 6, 1973 at Calcutta) as against Rs 120. Between them and the Jute Corporation, an aggregate of 2.5 million bales, or one- third of the estimated production this year, is supposed to be lifted. The mills will soon begin to complain of limited storage space in the up-country markets, marshaling points and rail- heads, and procrastinate. The plot will thicken if, finally, the Jute Commissioner invokes the Jute (Licensing and Control) Order and requires the mills to buy prescribed quantities at specific prices. Given the close inter- meshing between the industrial and the trading interests in jute, it should not be difficult for the mills, or at any rate some of them, to concoct evidence that they have done the indicated purchases; they might even use such evidence to commandeer fresh funds from the commercial banks which may then be diverted somewhere else.

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