Law Minister Veerappa Moily has said that the Centre will introduce a new law to set guidelines on acquisition of farm land for industrial and other commercial purposes. He said, the law will ensure that lands are purchased at prevailing market rates. The Minister said, the draft law has been prepared and it will be placed before Parliament during the coming Budget Session. Mr. Moily was talking to reporters on the sidelines of a function in Mangalore, Katnataka, on Tuesday. Mr. Moily also said, the government's concern is that the farmer should not be put into any kind of discomfort when such land is acquired.