CS Peter Munya Launches Warehouse Receipt System In Kitale
KEY POINTS
Parliament passed the Warehouse Receipts Systems Act No. 8 0f 2019 in June 2019, thereby setting out a legal framework for the development and governing of a Warehouse Receipt System in Kenya.
- Exchange-approved warehouses are used to provide a secure location to store the physical commodity as well as provide inventory management.
The Warehouse Receipt System (WRS) in conjunction with the County Government of Trans-Nzoia, the Ministry of Agriculture, Livestock, fisheries and Co-operatives, and the IFC of the World Bank have launched a warehouse receipt system at NCPB depot in Kitale.
CS Peter Munya graced the event. Parliament passed the Warehouse Receipts Systems Act No. 8 0f 2019 in June 2019, thereby setting out a legal framework for the development and governing of a Warehouse Receipt System in Kenya.
Warehouse Receipt System Council, the body responsible for the establishment, maintenance, and development of the Warehouse Receipt System for agricultural commodities produced in Kenya was inaugurated on 29th July 2020.
A warehouse receipt is used in the futures markets to guarantee the quantity and quality of a commodity being stored in a facility. Exchange-approved warehouses are used to provide a secure location to store the physical commodity as well as provide inventory management.
The warehouse receipt provides the exchange with documentation that the goods authorized for sale are available for transfer to a buyer.
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