Business

India bans export of wheat with immediate effect

A day after its data showed annual Consumer Price Inflation hitting a near eight-year-high of 7.79 per cent in April, and retail food inflation surging even higher to 8.38 per cent, the Narendra Modi government has banned export of all wheat from the country.

Export of all wheat, including high-protein durum and normal soft bread varieties, have been moved from “free” to the “prohibited” category with effect from May 13.

Only two kinds of shipments will be henceforth allowed. The first is “on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments”. The second is exports under transitional arrangements, “where irrevocable letter of credit has been issued on or before the date of this notification, subject to submission of documentary evidence as prescribed,” a department of commerce notification said.

Why has wheat procurement fallen? Read our explainer to find out.




Source link

The Press Walla

The Press Walla is the India's fastest growing youth online magazine which covers all latest trending stories from entrepreneurship, business, entertainment etc

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button