Home India Ministry of Commerce and Industry In exercise of powers conferred by Section 3 of the Foreign ...
Date: 2019-09-13 Category: Extra Ordinary State: Union Government Country: India

In exercise of powers conferred by Section 3 of the Foreign Trade Development Regulation Act

Issued by Ministry of Commerce and Industry · Department of Commerce

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Executive Summary & Key Takeaways

**Summary:** This notification, issued by the Directorate General of Foreign Trade, Ministry of Commerce and Industry, Government of India, effective September 13, 2019, amends the export policy for onions. It supersedes Para 2 of Notification No. 48/2015-20 dated February 2, 2018, and imposes a Minimum Export Price (MEP) of US$850 Free on Board (F.O.B.) per metric ton on all varieties of onions. 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, will only be permitted against a Letter of Credit (LC) and is subject to this MEP until further orders. The notification is issued in exercise of powers conferred by Section 3 of the Foreign Trade (Development and Regulation) Act, 1992, read with Para 1.02 of the Foreign Trade Policy, 2015-2020. [F. No. 01/91/180/922/AM08/EC Vol. 4] Alok Vardhan Chaturvedi Director General of Foreign Trade & Ex-Officio Secy.

Key Entities Referenced

Foreign Trade Development and Regulation Act, 1992: An act of the Indian Parliament governing foreign trade. Foreign Trade Policy, 2015-2020: A policy document outlining guidelines and objectives for India's foreign trade. Directorate General of Foreign Trade: The Indian government agency responsible for implementing foreign trade policy. New Delhi: The capital of India, where the notification was issued. Minimum Export Price (MEP): A price below which exports are not allowed, in this case, for onions. Letter of Credit (LC): A document ensuring payment to a seller by a bank, required for onion exports. US 850 F.O.B per Metric Ton: The Minimum Export Price (MEP) for onions, set at 850 US dollars Free On Board per metric ton. Alok Vardhan Chaturvedi: Director General of Foreign Trade and Ex-Officio Secretary.
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