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Basmati s mandi prices in Haryana, Punjab decline | The Financial Express

Basmati s mandi prices in Haryana, Punjab decline | The Financial Express
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Pay now, adjust later: Rice exporters cook up ways to skirt basmati curbs

Basmati rice exporters in India are in negotiations with global buyers to secure prices above $1,200 per tonne for new orders. The exporters plan to adjust the prices against future orders once the temporary halt on basmati rice exports is lifted. The Indian government implemented the halt to prevent the illegal shipment of white non-basmati rice disguised as premium basmati rice. Exporters are resorting to overbilling to maintain their market share against competitors like Pakistan. Gulf nations are major buyers of Indian basmati rice.

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export: Centre and traders divided over deciding the market price of onions and rice

Exporters and government officials in India are divided on the correct market price of food grains and onions, on which customs duty is calculated. The lack of a proper system to calculate the tax has led to under-invoicing by some traders to avoid customs duty and the illegal shipment of banned commodities. In response, the government has announced that only export contracts with a minimum price of $1,200 per tonne will be cleared for shipments under the basmati rice category. Both onion and rice exporters are now calling for customs duty to be fixed per kilogram of the commodity exported.

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Industry seeks no extension of limits on basmati exports

Industry seeks no extension of limits on basmati exports
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Jammu and kashmirUttar pradeshChaman lal setiaAshwini kumar aroraVijay setiaIndia rice exporters associationAll india rice exporters associationKumar aroraChaman lal setia exports

basmati: MEP can lead to drastic fall in exports, suppress basmati prices, says AIREA

Traders of basmati rice are concerned that the enforcement of a minimum export price (MEP) of $1,200/tonne by the Indian government will lead to a decline in sales overseas. The All-India Rice Exporters Association (AIREA) has stated that this MEP will act as a deterrent to exports. More than 80% of basmati rice exported was sold at rates lower than this MEP. Traders fear that export volumes will decline, which will negatively impact the income of basmati farmers. The government claims that the average price of basmati exported in August was $1,214/tonne, while AIREA argues that it was $1,106/tonne in the first quarter of 2023-24.

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