Tuesday, 24 May, 2022

India bans wheat export

By :The Report Desk
Published : May 14, 2022 12:38:00 PM | Business

India has banned wheat exports with immediate effect as part of measures to control the rise of  domestic prices.


In a separate notification, India also announced easing of conditions for export of onion seeds. 


The export of onion seeds was earlier prohibited.


However, the export shipments of wheat for which irrevocable letters of credit (LoC) have been issued on or before the date of the notification will be allowed.


According to estimates by the Directorate General of Foreign Trade, India exported a record seven million tonnes of wheat in 2021-22 financial year which is valued at $2.05 billion. Out of the total shipment, around 50% of wheat was exported to Bangladesh in the last fiscal.