Current year crop Indian Long grain raw rice of Fair Average Quality (White) Grade of Rice with following standards
Average length: 5.80 mm 
Broken: 25 % Max on the basis of 2/3
Upto 28% on 1:2 discount basis 
Above 28% rejectable at buyer's option
Foreign Matter: 1 % Max
Damaged & Slightly Damaged Grain: Raw 2.0% Max 
Discoloured Grains( Yellow, red and other discolored): 4.0% Max Chalky Grains: 4.0% Max
Dehusked Grains (paddy): 32 grains per kg maximum
Moisture: 14.0% Max
Acceptable upto 14.5% with Discount on 1:2 basis above 14.5 % Rejectable 

Packaging: Rice should be in 50 Kg bag either of new jute bag or new plastic bag. 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 by the buyer to the seller. 
 

   Delivery and Settlement Procedure of Rice

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.

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

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 one 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 Delivery order once submitted cannot be withdrawn or cancelled or changed unless so agreed by MCX in writing.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. 

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

The Buyer shall not refuse taking delivery and such refusal will entertain 3% penalty.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.

All outstanding positions on the expiry of contract shall be closed out at Due Date Rate and respective Pay-in and Pay-out of Funds of such close out with penalty shall be effected on 16th 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 ti buyer.

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.

All other charges, levies or APMC Cess applicable at the delivery center will be on account of sellers. Incase 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.

The members tendering delivery will have the option of delivering such grades of Rice as per the contract specifications. The buyer has no option to select a particular grade and the delivery offered by the seller and allocation by the Exchange shall be binding on him.The members tendering delivery will clearly specify the grade to be delivered in the Delivery Order. Once the delivery grade is specified, it cannot be changed for the same Delivery Order. Such delivery grade shall be in conformity with the surveyors certificate accompanied with the delivery document.

At the time of issuing the Delivery order, the Member must satisfy MCX that he holds stocks of the quantity and quality specified in the Delivery Order at the declared delivery center by producing warehouse receipt.The procedures followed for drawing samples and carrying out analysis tests shall be as per booklet issued by the Bureau of Indian Standards 

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.

As per Exchange decision due to a force majeure or otherwise

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.

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.