India lifts onion export ban with minimum price, duty relief for other pulses, says report
Onions in Chapter 07 of Schedule 2 of the ITC (HS) Export Policy," as quoted by PTI. In addition to this adjustment, a 40% export duty on onions was introduced starting May 3.
Although general exports remain restricted, exceptions are allowed for shipments to countries with friendly relations with India, such as the UAE and Bangladesh, the report added. This modification follows a series of regulatory changes aimed at managing the domestic supply of onions in response to decreased crop yields and heightened international demand.
For instance, in August last year, a 40% export duty was implemented, originally intended to last until the end of 2023. On April 26, following nearly five months of an export ban, the government allowed the export of 99,150 tonnes of onions, primarily from Maharashtra to six neighboring countries.
On December 8, 2023, export bans were reinstated to ensure sufficient domestic availability amid declining crop yields and rising demand, as per the report. Furthermore, on May 3, the government extended the duty exemption on imports of yellow peas with bills of entry issued on or before October 31, 2024.
The Union finance ministry also announced a complete exemption from import duties on desi chana until March 31, 2025, to help stabilize the domestic market and ensure the availability of essential commodities. (With Inputs from PTI)Milestone Alert!
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