Lifting Ban on Export of Non-Basmati Rice

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....ifting Ban on Export of Non-Basmati Rice <br>News and Press Release<br>Dated:- 3-8-2011<br><BR>Press Information Bureau Government of India Ministry of Commerce & Industry 03-August-2011 18:10 IST Lifting Ban on Export of Non-Basmati Rice The Empowered Group of Ministers (EGOM) has allowed the export of 10 lakh tons of non-basmati rice, subject to a Minimum Export Price(MEP) of USD 400 per To....

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....n, in its meeting held on 11th July, 2011. It was also decided that the export of non-basmati rice would be done by private parties from privately held stocks on purely commercial basis. Besides, prior registration of all export contracts would be done by DGFT on a first-come-first served basis subject to the following conditions: (1) Applications for allotment must be accompanied by irrevocable ....

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....and confirmed letters of credit. (2) An applicant must submit a performance bank guarantee, along with the application, for a value equivalent to a value of 10% of applied quantity. In case of non-completion of exports, within a stipulated time frame, this bank guarantee is liable to be confiscated. However, a flexibility of + or - 5% in performance will be provided. (3) Maximum quantity per app....

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....licant may be set at 1.25% of the total quantity released, i.e., 12,500 MT. This decision has been notified by Directorate General of Foreign Trade (DGFT) vide Notification No. 60(RE-2010)/2009-14 dated 19th July, 2011. This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Jyotiraditya M. Scindia, in a written reply in the Rajya Sabha today. ***** D....

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....S<BR> News - Press release - PIB....