Mumbai, Jul 8 (PTI) The Multi Commodity Exchange Clearing Corporation (MCXCCL) on Friday said it has accredited its first warehouse for base metals in Arshiya Free Trade Warehousing Zone (FTWZ) Panvel, Mumbai.

With this, MCXCCL has expanded the scope of collateral to include metal deposits at the FTWZ, the company said in a statement.

Also Read | Intelligence Bureau Recruitment 2022: Applications Invited for 766 Posts at mha.gov.in; Check Details Here.

"By facilitating the FTWZ connect, we invite importer participation on the Exchange to hedge with the added benefit of availing margin benefit," MCXCCL MD and CEO Narendra Ahlawat said.

It will benefit clients who would like to hold goods for a longer duration without going through the duty payment and clearing.

Also Read | Vivo Y77 5G MediaTek Dimensity 930 SoC Debuts in China.

This way, they can avoid clearing of goods without a committed buyer, and otherwise, can redirect the cargo to other destinations, the statement added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)