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breaking news India suspends wheat exports with immediate effect to control domestic prices


India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to an official notification.

However, export shipments for which irrevocable letters of credit have been issued no later than the date of this notification will be permitted, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13.

“The wheat export policy is banned with immediate effect,” the DGFT said.

He also clarified that wheat exports will be allowed on the basis of permission given by the Indian government to other countries to meet their food security needs and based on the request of their governments. In a separate notification, the DGFT announced the relaxation of onion seed export conditions.

“The onion seed export policy has been placed in the restricted category, effective immediately,” he said. The export of onion seeds was previously prohibited.

First post: STI


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