New Delhi, Nov 29 (KNN) The government has approved exemption to exporters having IE Code issued by DGFT from the purview of stock holding limits under the Essential Commodities Act, 1955 with respect to edible oilseeds, edible oils and rice.

This will help exporters benefit from economies of scale and bigger operation for optimally meeting export demands on a long-term basis, an official release said today.

It said, the decision to grant exemption to exporters with ‘Import-Export Code’, was taken by the Union Cabinet yesterday.  The IEC is issued by the Directorate General of Foreign Trade (DGFT) in the Commerce Ministry.   

“If a wholesaler or retailer or dealer having IEC issued is able to demonstrate that whole or part of his or her stocks in respect of edible oil, edible oilseeds and rice are meant for exports, then the stocks meant for exports shall be excluded for the purpose of calculation of stock limits.”   (KNN Bureau)