India Bans Wheat Exports with Immediate Effect

NATIONAL

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices. Export of all varieties of wheat, including high-protein durum and normal soft bread varieties, have been moved from “free” to the “prohibited” category with effect from May 13.

The Director-General of Foreign Trade( DGFT) has issued a notification that notifies only two kinds of shipments will be allowed henceforth. The first is “on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments”. The second is exports under transitional arrangements, “where an irrevocable letter of credit has been issued on or before the date of this notification. 

The export of onion seeds was prohibited earlier. Official data showed that retail inflation surged to an eight-year high in April due to high prices of fuel and food items. The ban on exports also comes amid disruption in global wheat supplies due to the ongoing war between Russia and Ukraine which are major exporters of the foodgrain.

 

   Important Points for the exam:

  • India has banned wheat exports with immediate effect as part of measures to control rising domestic prices.
  • Export of all varieties of wheat has been moved from “free” to the “prohibited” category with effect from May 13.
  • The Director-General of Foreign Trade( DGFT) has issued a notification that notifies two kinds of shipments will be allowed.
  • The first is on the basis of permission granted by the Government of India to other countries to meet their food security needs.
  • The second is exports under transitional arrangements, “where an irrevocable letter of credit has been issued on or before the date of this notification. 

   Facts to Know:

  • The export of onion seeds was prohibited earlier.
  • The Director-General of foreign trade is an organization under the Ministry of Commerce and Industry.
  • DGFT is responsible for implementing the Foreign Trade Policy with the main objective of promoting India’s exports.
preparing for jeet

Preparing for Govt. Exams?

Here is you path to Jeet

View courses