National Commodity & Derivatives Exchange (NCDEX) has started tagging goods with the Radio Frequency Identification (RFID) technology in exchange-approved warehouses, it has become the first commodity exchange in the world to use this technology. RFID ensures that commodities stored in warehouses are tracked through radio signals and the information helps improve efficiency and reliability of storage and delivery operations.
Under the process, every bag is tagged at the time of entering the warehouse and the details are digitally stored. The tags facilitate automatic data entry, provide prompt and accurate information on ownership, date of deposit and exchange expiry date.
The tagging will be implemented at the National Bulk Holding Corporation warehouse storing guar gum at Khara in Bikaner and introduced in a phased manner across all delivery centres, including Jodhpur, Bikaner, Nokha, Sriganganagar and Deesa. This facility will be later expanded to all commodities and warehouses.
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