Active Stocks
Thu Apr 25 2024 15:57:40
  1. Kotak Mahindra Bank share price
  2. 1,643.00 -10.85%
  1. Tata Steel share price
  2. 167.60 1.27%
  1. State Bank Of India share price
  2. 812.60 5.10%
  1. Axis Bank share price
  2. 1,127.35 5.98%
  1. Power Grid Corporation Of India share price
  2. 292.60 0.71%
Business News/ News / India/  Centre permits 64,400 tonnes of onion export to UAE, Bangladesh
BackBack

Centre permits 64,400 tonnes of onion export to UAE, Bangladesh

The Centre has permitted the export of 64,400 tonnes of onions to UAE and Bangladesh through the National Cooperative Exports Ltd, according to notifications issued by the Ministry of Commerce and Industry

It is important to note that on December 8, 2023, the government prohibited the export of onions till 31 March 2024Premium
It is important to note that on December 8, 2023, the government prohibited the export of onions till 31 March 2024

The Centre has permitted the export of 64,400 tonnes of onions to UAE and Bangladesh through the National Cooperative Exports Ltd, according to notifications issued by the Ministry of Commerce and Industry. 

The government has permitted the export of 50,000 tonnes of onions to Bangladesh and 14,400 tonnes to the United Arab Emirates (UAE), the notification added.

Also Read | Tata Motors to demerge businesses into two separate listed companies 

As per the notification, modalities for the export of onions to the eastern neighbouring country will be worked by National Cooperative Exports Limited (NCEL), in consultation with the Department of Consumer Affairs.

"Export of 14,400 tonnes of onions, with a quantity ceiling of 3,600 MT (metric tonne) quarterly, to UAE through NCEL is notified,' the official notification from the Directorate General of Foreign Trade (DGFT) read.

Also Read | RBI bars IIFL Finance from sanctioning, disbursing new gold loans

It is important to note that on December 8, 2023, the government prohibited the export of onions till 31 March 2024. The DGFT notification said the export of onions will be, however, allowed based on permission granted by the central government to other countries based on the request made by the countries.

To check the soaring price of onion, the government imposed a minimum export price of $800 per tonne on October 28 till December 31, 2023.

Also Read | What Rameshwaram cafe blast suspect did in 9 minutes? | Watch

In August, the government imposed a 40% duty on the export of onions to improve supplies of the staple vegetable in the domestic market until December 31, 2023.

With rising onion prices, the central government has been releasing the staple vegetable from its buffer stock. The central government had earlier decided to maintain 3 lakh tonne of onions in the 2023-24 season as buffer stock. In 2022-23, the government maintained 2.51 lakh tonne onion as buffer stock.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 04 Mar 2024, 07:37 PM IST
Next Story footLogo
Recommended For You