Indian White Basmati Polished Sortex Rice of current year crop with following standards:
Purity: 92% traditional variety
Average length: Above 7.1 mm 
Broken: 2% Max on the basis of 2/3
Foreign Matter: 0.5% Max
Whiteness: 38-40 KETT
Paddy Grains: 5 grains per Kg Max
Chalky Grain: 3% Max
Moisture: 13.0% Max
Acceptable upto 14.0% with allowance of 1:2

Packaging: Basmati Rice should be in 50 kg new jute bag, machine stitched only. The weight of bags will be deducted out of total truck load, as per terms decided by the Exchange. The cost of bags, as determined by the Exchange will be payable seperately by the buyer to the seller.
 

 Delivery and Settlement Procedure of Rice

1. Tender & Delivery Period: 10 th to 15 th of the Contract Month

2. Tender Days: 10 th , 11 th & 12 th Day of Contract Month by 3:00 p.m. on each day.

3. Tender Notice by Seller: The Seller will issue tender notice along with evidence of delivery to the exchange in a specified format. Members shall not square off his outstanding position to the extent of tendered quantity.

4. Buyer's Intention: 10 th , 11 th & 12 th Day of Contract Month by 3:00 p.m. on each day.

5. Delivery Period Margin: 25% on the Net Outstanding Position.

6. Exemption of Delivery Period Margin: Delivery Period margin is exempted if Goods tendered on designated tender days of the contract month along with all the documentary evidence.

7. DELIVERY LOGIC: COMPULSORY DELIVERY. IF SELLER FAILS TO DELIVER THEN A FINE OF 5% is LEVIED.

8. Dissemination of Information on Tendered Delivery on Trader Work Station: Upto 7.00 p.m. on Designated Tender Days.

9. Delivery Order: Along with tender notice, Good Delivery Order will be submitted in specified format giving details of Members / Registered Non-Members who shall perform delivery. Each delivery order issued shall be in multiples of minimum delivery lots and shall be designated for only one delivery center and one location in such center. It will be accompanied with Warehouse Receipt, Invoice and Good Delivery Quality Certificate valid upto 1 month after the expiry of the contract, as per Contract Specifications from Exchange designated Certifier. Delivery order once submitted cannot be withdrawn or cancelled or changed unless so agreed by MCX in writing. Members tendering the delivery order shall clearly specify the grade and shall be in conformity with the surveyor's certificate accompanied with the delivery document and cannot be changed subsequently.

10. Odd Lot treatment: Not Applicable

11. Mode of Communication: Fax or Courier

12. Allocation of Delivery: First amongst the willing Buyers and then amongst the other Buyers. Done on 10 th , 11 th & 12 th day of the contract month after closure of market.

13. Delivery Order Rate: Settlement Price on 10 th , 11 th & 12 th day of contract month based on the date of allocation of delivery.

14. Buyer's Obligation: The Buyer shall not refuse taking delivery and such refusal will be equivalent to default in fulfilling liability and thereby entertaining relevant proceeding as may be necessary as per Business Rules. The Buyer will not have any option about choosing the place of delivery and will have to accept the delivery as per allocation made by the exchange. Once a delivery is allocated to Buyer, he shall not square off his outstanding open position.

15. Pay-in (Funds) for Delivery: By 10:30 a.m. on Tender day + 2 basis

16. Delivery Order & Funds Payouts: By 5:00 p.m. on Tender day + 2 basis

17. Delivery Center: Deliveries can be effected from exchange designated warehouse which may be CWC or private warehouse. The seller shall not issue delivery order at a place where there is restriction against movement of goods. In case, the seller is unable to give permit to the buyer, the same would be treated as No-Delivery and he shall be liable to pay such penalty as may be applicable for failure to tender delivery.

18. Close out of open Positions and Penalty on defaulting seller: All outstanding positions on the expiry of contract shall be closed out at Due Date Rate and respective Payin and Payout of th Funds of such close out with penalty shall be effected on 16 day of Contract Month by 01:00 p.m. All Sellers with undelivered open positions as on expiry date will be imposed 5% penalty of which 90% will be passed on to Buyer.

19. Legal Obligation: The members will provide appropriate tax forms wherever required as per law and as customary and neither of the parties will unreasonably refuse to do so.

20. Duties, Cess & Levies: All other charges, levies or APMC Cess applicable at the delivery center will be on account of sellers. In case of Inter-State movement, Buyer has to submit requisite forms or pay CST as applicable. Post lifting delivery all charges are borne by the Buyer..

21. Warehouse Charges, Fumigation charges, Insurance Charges & Transportation Charges: Borne by the Seller upto Funds Payout Date. Borne by the Buyer after Funds Payout Date.

22. Adjustment of transportation cost for delivery made at any designated delivery center other than the Ex-price quoted center: Not Applicable.

23. Endorsement of Delivery Order: The buying member can endorse delivery order to a client or any third party with full disclosure given to MCX. Responsibility for contractual liability would be with the original assignee.

24. Extension of Delivery Period: As per exchange decision due to a force majeure or otherwise.

25. Due Date Rate: Exchange shall take spot prices from a panel of different entities from spot market and shall compute the daily average price. Due Date Rate will be calculated by way of taking simple average of last 3 days of the spot market prices so computed..

26. Applicability of Business Rules: The general provisions of Business Rules & decisions taken by FMC/ Board / Executive Committee in respect of matters specified above will apply mutatis mutandis. The Exchange may further prescribe additional measures relating to delivery procedures, warehousing, Quality Certification, Margining, risk management from time to time. In case of any interpretational dispute or clarifications the decision of the Exchange shall be final and binding on the members and others.