National Spot Exchange Limited

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Withdrawal (Delivery out of Commodity from Exchange designated Warehouse):1. Members are required to give at least 1 day prior intimation to the warehouse for necessaryarrangements. Based on the intimation received from the withdrawer, delivery schedule willbe intimated by the warehouse supervisor. Loading of Sugar will be done on first cum firstserve basis. No vehicle will be allowed for withdrawing the goods after 5:00 PM in theevening. The warehouse manager’s decision will be final in this case.2. The buyer member shall submit the Letter of Authority requesting the Warehouse managerto issue the delivery of Commodity to the bearer of the Authority Letter along with originalCopy of the Warehouse Receipt. The Members are advised to instruct their representative tocarry some identity Proof (ID proof of his representative such as Voter ID / PAN / Passport toenable the Exchange) along with the Authority Letter and Original Warehouse Receipt forlifting the stock from the accredited warehouse.8
Other Terms and conditionsAnnexure 6Taxes, Duties, Cess and Levies: EX-WAREHOUSE – Ambala. Inclusive of Excise Duty butexcluding VAT and other charges. Delivery lifting charges are borne by the buyer. Sellers tenderingcommodity or Buyers taking delivery or their clients shall have necessary registration from theconcerned tax and other authorities and obtain relevant licenses, if any, required by them. TheMember giving delivery and the Member taking delivery will exchange appropriate tax forms asprovided in law and as customary and neither of the parties will unreasonably refuse to do so. Incase any of the member or his client fails to provide necessary forms in respect of sales tax resultinginto pecuniary loss to the other party, the Exchange will impose a charge on the party in default andafter collection thereof, will pass on the same to the member, who or whose client has suffered suchloss. In addition to above, the Exchange can impose additional penalty on the party in default.Deliverable grade of commodity: The selling members tendering delivery will have to deliversuch grades as may be acceptable as per the contract specifications. The buyer has no optionto select a particular grade and the delivery offered by the seller and allocation by the Exchangeshall be binding on him.Penal Provisions: Members have to compulsorily complete their funds and commoditypay-in obligations as per the pay in and delivery schedule. In case of default to complete pay-inwithin the scheduled time, the settlement shall be made through auction / close-out process atthe cost and risk of the defaulting member. In addition to the auction / close-out loss, a penaltyof 5% shall be levied upon the defaulting member, out of which 3% shall be passed on tothe corresponding buyer / seller.Delivery allocation: Delivery will be allocated at client level after the pay-in of commodities.Tax Invoice: The respective Clients of Members or the Member himself in case he sells onhis own account, after execution of sale shall have to raise invoice in triplicate One copy forthe onward delivery to the buyer, one copy to be sent to exchange and the third to be retained bythe seller for his own records.Warehouse, Insurance and Transportation charges: As specified in Annexure – 4.Extension of delivery period: As per decision of the Exchange due to a force majeure orotherwise.Legal obligation: The members will provide appropriate tax forms wherever required as per lawand as customary and neither of the parties (seller member and buyer member) will unreasonablyrefuse to do so.Applicability of Business Rules: The general provisions of Business Rules of the Exchangeand decisions taken by the Board of Directors and Executive Committee of the Exchange inrespect of matters specified above will apply mutatis mutandis. The Exchange may furtherprescribe additional measures relating to delivery procedures, warehousing, quality certification,margin and risk management from time to time. In case of any interpretational dispute orclarifications, the decision of the Exchange shall be final and binding on the members and others.*********9
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National Spot Exchange Limited

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