Govt does away with minimum export price for onion export
Updated: Mar 05, 2014 01:09:21pm
New Delhi, March 5 (KNN) With a view to boost exports, the government has removed restrictions on onion exports by removing the minimum export price (MEP).
“Requirement of MEP on export of onions stands removed,” Directorate General of Foreign Trade (DGFT) has said in a notification yesterday.
In December 2013, the MEP was reduced to USD 150 per tonne.
In December 2013, the Ministry of Commerce reduced MEP of onion to USD 150 a tonne from USD 350 for the third time in a year to boost exports and check sharp fall in domestic prices.
In December itself, the government had reduced the onion MEP to USD 800 a tonne from USD 1,150 a tonnes and just three days after that MEP was slashed to USD 350 a tonne.
The MEP on onion was introduced by the government in September 2013 in the wake of rising domestic price of the product and in order to curb exports. The onion price has soared to Rs 100 per kg then in major parts of the country. The country had to even import onion to control price rise.
Sharp reduction in onion prices have led to removal of MEP. The retail price currently ranges between Rs 15—20 per kg in the national capital. (KNN/SD)
“Requirement of MEP on export of onions stands removed,” Directorate General of Foreign Trade (DGFT) has said in a notification yesterday.
In December 2013, the MEP was reduced to USD 150 per tonne.
In December 2013, the Ministry of Commerce reduced MEP of onion to USD 150 a tonne from USD 350 for the third time in a year to boost exports and check sharp fall in domestic prices.
In December itself, the government had reduced the onion MEP to USD 800 a tonne from USD 1,150 a tonnes and just three days after that MEP was slashed to USD 350 a tonne.
The MEP on onion was introduced by the government in September 2013 in the wake of rising domestic price of the product and in order to curb exports. The onion price has soared to Rs 100 per kg then in major parts of the country. The country had to even import onion to control price rise.
Sharp reduction in onion prices have led to removal of MEP. The retail price currently ranges between Rs 15—20 per kg in the national capital. (KNN/SD)
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