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In a statement, the FAM has appealed to all its constituents to observe Monday as the 'Shradhanjali Day'.
"The state of Maharashtra and the trading community has lost a true friend and a well-wisher. Balasaheb was a great son of the soil and a true nationalist who minced no words to express his views," FAM president Mohan Gurnani said.
Various organisations of traders and dealers are affiliated to FAM, including Agriculture Produce Market Committee and markets dealing in grains, sugar, dry fruits, metal, iron and steel and chemicals.