India imposes 20% export duty on parboiled rice, MEP of $1200/tonne on basmati soon

The Ministry of Finance issued a notification last night [View in browser]( [See all newsletters]( 26 August 2023 India imposes 20% export duty on parboiled rice, MEP of $1200/tonne on basmati soon The government has imposed 20 per cent export duty on parboiled rice with immediate effect after shipments jumped. The commerce ministry will also soon notify a minimum export price (MEP) of $ 1200/tonne on Basmati rice export to restrict shipments. Seen as part of measures to control inflation as announced by Prime Minister Narendra Modi during his Independence Day address, fresh measures on export of rice, a key staple for the majority of population, will ensure higher domestic availability, officials said. The Finance Ministry on Friday night notified that the export duty on parboiled rice has been imposed with immediate effect. However, the exporters who have contracted earlier (before the notification date) are allowed to export their consignments at zero duty until October 15, traders said. The decision to impose MEP on Basmati rice has been taken by the committee of secretaries (CoS), headed by the cabinet secretary on August 21., sources said. However, unlike for other commodities in which Director General of Foreign Trade notifies the MEP, in case of Basmati, the agri-export promotion body Apeda will implement it, the sources said. Basmati rice export is allowed only after registration of contract with Apeda which issues certificates to exporters allowing shipments. Though overall acreage of paddy in current kharif season is 4 per cent higher than year-ago, per data released by Agriculture Ministry on August 25, the condition of crops in Southern States is in “bad shape”, experts said pointing to deficient rainfall in many parts. Karnataka, for instance, has received 75 per cent below normal rain during August 1-25, officials said. You Might Also Like [Defence Ministry inks ₹19,000-crore deal with HSL for 5 Fleet Support Ships]( [News]( [Defence Ministry inks ₹19,000-crore deal with HSL for 5 Fleet Support Ships]( [Fed’s hawkish tone sparks interest rate futures shift: November-December hike likely]( [Money & Banking]( [Fed’s hawkish tone sparks interest rate futures shift: November-December hike likely]( [SEBI close to completing probe in Adani-Hindenburg case]( [Companies]( [SEBI close to completing probe in Adani-Hindenburg case]( [Amid 8% drop in area, water scarcity threatens pulses crops]( [Agri Business]( [Amid 8% drop in area, water scarcity threatens pulses crops]( Stay informed Subscribe to our daily newsletter to stay up-to-date on the in deep news in India. [arrow]( Copyright @ 2023, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](