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Date: 30-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

Imposition of Minimum Export Price on export of Onions.

Issued by Ministry of Commerce and Industry · Directorate General of Foreign Trade

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Executive Summary & Key Takeaways

What it means

  • The notification imposes a Minimum Export Price (MEP) of US $800 F.O.B. per Metric Ton (MT) on the export of onions, excluding Bangalore Rose onions and Krishnapuram onions and cut, sliced or broken in powder form, until December 31, 2023. The export policy for onions is otherwise 'Free'.

Key Changes

  • A Minimum Export Price (MEP) of $800 USD per metric ton is imposed on onion exports, excluding specific varieties and forms, effective from October 29, 2023, until December 31, 2023.
  • The notification amends the Export Policy of Onions under S.No.51 of Chapter 07 of Schedule 2 of the ITC (HS) Export Policy.
  • Consignments handed over to customs or entered a customs station for export before the notification date may be exported without MEP until November 30, 2023, provided they are registered in the customs system with verifiable date and time.
  • Export duties paid before the issuance of the notification are non-refundable.

Impact Analysis

Exporters

  • Action Item: Review existing export contracts and assess the impact of the MEP on profitability. Renegotiate contracts if necessary. Ensure proper documentation for shipments in transit before the notification date.

Farmers

  • Action Item: Monitor domestic onion prices and adjust planting decisions accordingly. Explore alternative markets or value-added processing to mitigate potential losses.

Consumers (International)

  • Action Item: N/A

Customs Authorities

  • Action Item: Update customs procedures and train staff on the new regulations. Ensure proper record-keeping and verification of documents.

Importers

  • Action Item: Explore alternative onion suppliers or adjust pricing strategies to accommodate the increased cost.

Key Entities Referenced

Central Government: The issuer of the notification, responsible for foreign trade policy. Foreign Trade (Development & Regulation) Act, 1992: The Act that grants the Central Government the power to regulate foreign trade. Foreign Trade Policy, 2023: The overarching policy framework guiding foreign trade regulations. Directorate General of Foreign Trade (DGFT): The agency responsible for implementing foreign trade policy and issuing notifications. ITC (HS) Export Policy: The Indian Trade Classification (Harmonized System) that categorizes goods for import and export purposes.
Official Source Record View Original Source →
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