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.
Industry seeks no extension of limits on basmati exports financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Despite these unprecedented harvests, the last year and more has witnessed “supply-side” actions in the form of export curbs and trade controls on the two cereals.
Indian Basmati paddy prices down by ₹300/quintal after floor price is fixed for exports thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.