What is it?

LICENSED WAREHOUSING SYSTEM IN AGRICULTURAL PRODUCTS

The Agricultural Products Licensed Warehousing Law no. 5300 entered into force by being published in the Official Gazette no. 25730 dated 17.02.2005.

 Grain Licensed Warehousing Procedures;

Agricultural Products Licensed Warehousing Law no. 5300,

“Agricultural Products Licensed Warehousing Regulations” which came into force by being published in the Official Gazette no. 28616 dated April 12, 2013,

 are carried out within the scope of other regulations and communiqués.

The system is fully supervised by the Ministry of Customs and Trade.

Purposes of the System

 For the agricultural products;

To facilitate and improve the trade,

To create a common system for storage,

To ensure that their qualifications are determined by authorized classifiers,

To issue a warehouse receipt that represents the ownership, and provides its financing, sales and delivery,

To ensure its safety and quality,

To extend the credit usage by ensuring banks to take part in the system.

Assurances in Licensed Warehousing System

Licensed Warehousing Compensation Fund: Licensed warehousing Compensation Fund with a legal entity was established in order to compensate the damages arising from the failure of the licensed warehouse operator to fulfill the obligations in this Law and stipulated in the contract with depositors.

Authorized Classifiers: Analysis and classification of products are carried out by Authorized Classifiers licensed by the Ministry of Customs and Trade.

Trading transactions of the warehouse receipts are carried out by the Commodity Exchanges or Commodity Exchanges authorized by the Ministry.

Central Registry Agency (CRA):  All records are kept by the Central Registry Agency.