Minimum import price of areca nuts enhanced
The Dollar Business Bureau The government today announced an increase in the minimum import price (MIP) of areca nuts by Rs.89, from existing Rs.162 to Rs.251 per kg, to encourage domestic producers and discourage low-cost inferior-quality imports of the product from the neighbouring countries. In its latest notification No.35/2015-2020, dated January 17, 2017, the central government amended the import policy of areca nut under Exim Code 080280 of Chapter 8. It should be recollected that in June 2015 too the government had increased the minimum import price of areca nuts by Rs.52 to Rs.162 per kg. In an official statement then released the government had specified, "On account of unabetting import of areca nut from neighbouring countries such as Indonesia and Myanmar taking the advantage of low import duty ...
Areca nuts: Hike in minimum import price to raise domestic demand
Sai Nikesh | The Dollar Business In a move to contain inbound shipments of Arecanuts, the Department of Commerce, Government of India, has decided to increase the Minimum Import Price (MIP) on import of Areca nuts from existing Rs 110/- per kg to Rs 162/- per kg with immediate effect. The government’s decision was taken on account of unabated imports of Areca nuts from countries such as Indonesia and Myanmar that are taking advantage of low import duty provided to them under South Asian Free Trade Area (SAFTA). Further to prevent entry of inferior quality of the commodity into Indian market that would de-stabilize the domestic prices, the Food Safety and Standards Authority of India (FSSAI) has also directed its officials to ...
