Executive Summary:
This notification, effective August 24, 2015, amends the export policy of onions. It sets a Minimum Export Price (MEP) of $700 USD Free on Board (F.O.B.) per metric ton for all varieties of onions. This amendment is made by the Central Government in exercise of powers conferred by Section 5 of the Foreign Trade Development Regulation Act, 1992.
Key Points / Main Content:
* **Amendment and Authority:**
* The Central Government issues this amendment under Section 5 of the Foreign Trade Development Regulation Act, 1992, read with Para 1.02 of the Foreign Trade Policy 2015-2020.
* This notification is effective immediately on August 24, 2015.
* **Minimum Export Price (MEP) for Onions:**
* The export of onions, as described under Serial Numbers 51 and 52 of Chapter 7 of Schedule 2 of ITC (HS) Classification of Export and Import Items, is subject to a Minimum Export Price (MEP).
* The MEP is set at US$700 F.O.B. per metric ton.
* The MEP can also be a value as notified by the Director General of Foreign Trade (DGFT) from time to time.
* **Scope:**
* This notification applies to the export of all varieties of onions.
Impact Analysis:
Stakeholders Impacted: Exporters of Onions
Impact: Exporters are subject to the new Minimum Export Price (MEP) of $700 USD F.O.B. per metric ton.
Action Required: Exporters must ensure that all onion exports meet or exceed the stipulated Minimum Export Price (MEP) to comply with the amended export policy.
Key Entities Referenced
Foreign Trade Development and Regulation Act, 1992: An act of the Government of India that empowers the Central Government to make provisions relating to foreign trade.
Foreign Trade Policy, 2015-2020: A policy document outlining the guidelines and objectives for India's foreign trade.
Central Government: The executive authority of India responsible for making amendments to export policies.
Notification No. 13/2015-20: A specific notification dated 26.06.2015 concerning export policies, particularly related to onions, which is being amended.
Notification No. 73 RE/2013-200914: A notification dated 12.03.2014 relating to export of onion.
ITC HS Classification of Export Import Items: A classification system used to categorize export and import items.
Minimum Export Price (MEP): A minimum price set for the export of onions, specified as US $700 F.O.B. per Metric Ton.
Director General of Foreign Trade (DGFT): An organization authorized to notify values related to export policies from time to time.