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21
Jan

Rice Exempted from Stock Holding Limit Under the Essential Commodities Act

The Commerce and Industry Minister Shri Anand Sharma has welcomed the order issued by Department of Consumer Affairs to exempt stocks of edible oil, edible oilseeds and rice meant for export from the stock holding limit under the Essential Commodities Act. The exporters have been demanding that they should not be subjected to stock holding limit prescribed under the Essential Commodities Act, if they have merchandize stocks of such commodities meant for exports.

The DGFT had taken up this matter with the Department of Consumer Affairs. The Department of Consumer Affairs have issued Removal of (Licensing requirements, Stock limits and Movement Restrictions) on Specified Foodstuffs Order, 2002 on 9th January 2014.

This will address the long felt need of such exporters and reduce their transaction cost.

Courtesy : http://www.business-standard.com/article/news-cm/edible-oil-oilseeds-ric...

21
Jan

India set to retain top rice exporter tag

Sharp rise in demand from the US, Europe and the middle-eastern countries for Basmati rice and Africa and Asian countries for non-Basmati rice, India is all set emerge as world’s top rice exporters in the current fiscal.
This will be second time in a row that India is likely to emerge as biggest rice exporter globally. As per the commerce ministry data (April-November, 2013), India has exported close to 7 million tonnes (MT) of rice and expected to ship more than 10.5 MT by end of current fiscal.
More than 2.3 MT of aromatic and long-grain Basmati rice and 4.6 MT of non-Basmati rice were exported during first eight months of the current fiscal. “Demand for rice has been rising from all across the globe and we expect to reach a record level of exports by the end of current fiscal,” a commerce ministry official said.
The exporters are targeting to achieve more than 10.5 MT of rice in 2013-14 while in the previous fiscal, the country has shipped 10 MT. Thailand and Vietnam are the other rice exporters, who ship around 7 MT of rice annually each. Rice exports have been looking northwards since the country lifted a four-year ban on non-Basmati rice shipment after in September 2011. The ministry data also indicate that last fiscal rice exports fetched more than Rs 33,800 crore while in the April-November 2013 period, India has earned more than Rs 29,000 crore.

Courtesy :  http://indianexpress.com/article/business/commodities/india-set-to-retai...

18
Jan

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