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INDIAN GOVT UPS MINIMUM EXPORT PRICE OF RICE TO SLOW EXPORTS.
NEW DELHI, Jan 1 Asia Pulse - India's government has raised the minimum export price of rice to US$500 per ton to discourage its export and make more of the foodgrain available in the domestic market.
The Commerce Ministry agreed to the proposal sent by the Food Ministry advocating the hike, an official source said.
The Director General of Foreign Trade has issued the notification fixing the minimum export price (MEP) at "500 dollars per ton FOB or Rs 20,000
per ton FOB".
The government on October 25 had decided to partially lift a ban on the country's rice export by fixing the MEP at US$425 per ton. The ban was imposed on exports of non-basmati rice on October 9 to build buffer stock and improve domestic supplies.
The Food Ministry has also "informally" told the Commerce Ministry to ensure that not more than 800,000 tons of non-basmati rice were ...
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Source: HighBeam Research, INDIAN GOVT UPS MINIMUM EXPORT PRICE OF RICE TO SLOW EXPORTS.