Put an end to forward trading: Left

The CPI(M) today demanded the abolition of forward trading in essential commodities and said the non-imposition of long-term capital gains tax by the government was ‘‘unjustifiable’’.

Forward trading was leading to speculation and allowing big companies to ‘‘corner’’ stocks. It is also leading to hoarding and profiteering, which in turn led to ‘‘pushing up’’ prices, party general secretary Prakash Karat said at a public meeting here. Maintaining that both the BJP and the UPA chief Sonia Gandhi were also in favour of its abolition, he said: ‘‘What’s the problem in stopping (forward trading)? It’s benefiting only big firms, big traders. Why are you looking after their interests, and not the interests of the people?’’