BackGovt imposes 40% duty on onion exports amid rise in domestic prices
The export duty will be in force till 31 December, 2023, said the order.
PremiumNew Delhi: The Central Board of Indirect Taxes and Customs (CBIC) on Saturday imposed a 40% customs duty on onions exported out of India as part of efforts to tame the local price of the commodity, showed an official order.
The export duty will be in force till 31 December, 2023, said the order. The decision is taken in public interest, said CBIC.
The move comes in the context of the government using trade-related measures to combat inflation. The government has already placed restrictions on the export of wheat and rice. Earlier, the Centre had reduced the import duty on edible oils.
India's consumer price index (CPI) based inflation stood at 7.44% in July, much above the Reserve Bank of India's (RBI) upper tolerance limit of 6%, driven by high food and vegetable prices, official data showed.
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