DGFT extends MEIS benefit for onion exporters till March 31, 2017
The Dollar Business Bureau The DGFT in its latest notification NO.49/2015-2020 dtd December 30, 2016, has extended the MEIS benefit at 5% FOB for ‘Onions Fresh or Chilled’ under ITC (HS) code 07031010 for further 3 months i.e., export till March 31, 2017. Onion major producing states like Maharashtra, M.P., Karnataka, Gujarat and Rajasthan have seen bumper crop production in September. Fearing a fall in prices as a result of the bumper crop the government of Maharashtra had appealed to the Ministry of Commerce to extend the MEIS duty benefits beyond Dec 31 in order to help the exporters of onion. In September the Maharashtra State Finance Minister in his letter to the Finance Minister Jaitley had appealed that, “since the crop of onion ...
Indias onion exports shot up by 33% in Apr-Feb
The Dollar Business Bureau The onion exports from India increased by 33% to Rs. 2,362 cr during the first 11 months of FY2015-16. The data compiled by the National Horticultural Research and Development Foundation revealed that about 9,80,566 tonnes of onions were exported during 11 months of 2015-16 fiscal, as against 9,70,442 tonnes in the 11 months of previous fiscal year. On the back of higher sales realization, the exports escalated to Rs 2,362 crore from Rs 1,771 crore worth exports recorded in previous fiscal. The average price worked out to Rs 28,215 per tonne in Fy16 against Rs 18,507 in FY15. In June 2015, the government hiked the Minimum Export Price to $452 per tonne. Later, the price was further hiked in August to $700 per ...
Indias move to roll back onion export floor price throws up several questions
The Dollar Business Bureau | @TheDollarBiz The Indian government has rolled back the minimum export price (MEP) for onions by around 40% from $500 per tonne (about Rs.30 per kilogram) imposed on July 2, 2014 to $300 per tonne (FOB). According to a Directorate General of Foreign Trade (DGFT) notice dated 21 August 2014, the new MEP will be applicable with immediate effect. India usually has a surplus of onions and exports stood at around 1.5 million tonnes in FY2013-14, with most of the shipments going to Bangladesh, Malaysia, Sri Lanka and UAE. However, there were concerns that delayed rainfall may lead to a shortage in August – September 2014, and the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), ...
