Floor price for onion export pegged at $850

Share
Floor price for onion export pegged at $850

"Exports of all varieties of onions will be allowed only on Letter of Credit subject to a minimum export price of $850 [freight on board] per tonne till December 31 2017", according to a notification from the Directorate General of Foreign Trade on Thursday.

Minimum Export Price is the minimum rate below which exports are not allowed.

In a move aimed at preventing the shortage of onions in the local market and easing spiralling prices, the government has banned exports of onions below $850/tonne till the end of December. In a notification, the Directorate General of Foreign Trade (DGFT) said: "Export of onion...shall be permitted only on Letter of Credit (LC) subject to a MEP of United States dollars 850 per tonne till December 31, 2017".

Summary: The retail prices of good quality onions in Nashik have touched Rs 50 per kg, while the retail prices in major cities like Mumbai and Delhi have reached up to Rs 60 per kg.

Concerned over the rise in onion prices, the minister in August had sought that MEP be imposed on its exports by the Commerce Ministry.

In addition, the National Agricultural Cooperative Marketing Federation of India was procuring 10,000 tonnes and the Small Farmers Agriculture-business Consortium was asked to buy about 2,000 tonnes from farmers to boost supply of the staple, he had said.

The supply of onions got exhausted in the domestic market as huge quantity of exports in the initial four months of this fiscal.

Onion exports during April-July rose 56% from a year earlier to 1.2 million tonnes. The kharif crop, however, can not be stored.

Share

Advertisement

Related Posts

In a first, air-launched BrahMos missile test-fired
On Wednesday, the missile was sacked by the test crew comprising Wg Cdr Prashant Nair and Wg Cdr KP Kiran Kumar. Raksha Mantri Nirmala Sitharaman congratulated DRDO and BrahMos for the outstanding accomplishment.

Facebook keeps its Snapchat copycat streak going with new Messenger feature
But now some Facebook Messengers users have been told they've started a streak after messaging friends for just two days in a row. We could be wrong, though, and streaks could work a charm on Messenger - not that it needs help attracting users .

Michigan State vs. DePaul
The Blue Demons went into half with momentum after a Cain three at the first-half buzzer tied the game at 31 heading into half. McQuaid scored a career high 20 points as he was joined by three other Spartans that finished in double figures.

Salman-Katrina "Tiger Zinda Hai" releases first song
But of these 5 films, Yuvraaj and Hello have been flops, while Maine Pyaar Kyun Kiya, Partner, and Ek Tha Tiger were massive hits. The film is shot across five countries and is mounted on the lavish budget of Rs 140 crore excluding Salman Khan's fee.

Tom Baker return for surprise cameo in lost Doctor Who episode
Baker last appeared as the Doctor in 1981, when the character regenerated and the role was taken over by Peter Davison. Filmed at the BBC Television Centre earlier this year on the set of the original Tardis from 1979, it combines...

Revenue Estimates Analysis The Mosaic Company (MOS)
For the global agriculture industry, Mosaic is a single source for phosphates, potash, nitrogen fertilizers and feed ingredients. The collective rating of 2.8 for The Mosaic Company (NYSE: MOS ) also leans strongly towards the neutral end of the spectrum.

What you need to know about Black Friday this year
The Southlake Mall, at USA 30 and Mississippi Street in Hobart, opens at 6 p.m. on Thanksgiving and stays open until midnight. No longer is it one-day event as it has stretched over Thursday and Friday with the sales staggered throughout the two days.

Pakistan Grants Leave to Minister Charged with Graft
The matter and the contents of the letter, earlier sent by Dar, were also discussed by Abbasi with former Prime Minister Nawaz Sharif.

Deepika Padukone looks stunning on Filmfare's cover
However, one picture from the photoshoot that got much attention is where Deepika is seen flaunting her toned thighs. Deepika stunned in some of the most exquisite clothes sourced by our stylish Shaleena Nathani.

Bizarre! Nagaland women's under-19 team all-out for 2 runs against Kerala
Also, Aleena Surendran was the only bowler to concede runs with as many as 16 maidens were bowled out in 17 overs. Interestingly, there was no hat-trick registered despite Nagaland being bowled out for such a low total.

© 2015 ExpressNewsline. All Rights reserved.