Wheat Import Duty

The millers argue that wheat prices at current levels of around Rs 2,700-2,800 per quintal are well justified, given that the MSP of the crop has been raised

In a move to check wheat price rise and hoarding, the Centre on Monday imposed stock holding limits on traders, wholesalers, retailers and processors with immediate effect. The restrictions will remain in force until March 31, 2025, across all states and Union Territories. Under the new rules, retail outlets and individual stores of big chain retailers are allowed to stock up to 10 tonnes of wheat, an official statement said. Traders, wholesalers, and large depots of big chain retailers face a cap of 3,000 tonnes each. For processors, the limit is set at 70 per cent of their monthly installed capacity (MIC) multiplied by the remaining months of the 2024-25 fiscal. The government has mandated all entities to declare their stock position and regularly update it on the Department of Food and Public Distribution's portal (https://evegoils.nic.in/wsp/login). Those holding stocks exceeding the prescribed limits have been given a 30-day window to comply with the new norms. The decision

The government on Thursday said it will undertake suitable policy interventions to ensure stability in wheat prices for consumers in the country. After a meeting of the committee of ministers chaired by Home Affairs and Cooperation Minister Amit Shah, the government said it has directed officials to keep a close watch on wheat prices. Prices of wheat and wheat flour have increased by up to Rs 2 per kg from a year ago, according to the official data. As of June 20, the average retail price of wheat stood at Rs 30.99 per kg, up from Rs 28.95 a year ago, while wheat flour price rose to Rs 36.13 per kilogram as against Rs 34.29 per kg last year, the data showed. The ministers discussed the position of wheat stocks and prices in detail during the meeting. In a statement, the Food and Consumer Affairs Ministry said, "The Union Minister directed that a close watch may be kept on the prices of wheat and suitable policy interventions to be undertaken to ensure price stability for the consu

The country's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017

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Traders also said freight costs would be a challenge for Indian suppliers, adding that the lowest freight cost on Tuesday stood at $70 a tonne

Customs duty raised to 40% from 30% earlier, also relaxes quality norms for wheat procurement

To shore up prices and send a positive signal to farmers to boost planting

There are adequate supplies in the domestic market in view of the bumper crop in 2016-17: Paswan

Barely days before the Centre starts its annual wheat procurement in full strength, it re-imposed an import duty of 10 per cent on the commodity and levied duty of a similar amount on tur (pigeon peas). The estimated revenue implication of both the measures is expected to be around Rs 840 crore at current levels of imports. The import duty on tur has been imposed after a long gap.Announcing the decision in the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said a notification dated March 17, 2012 has further been amended so as to "impose basic customs duty of 10 per cent on wheat and tur, with immediate effect."Import duty on wheat was abolished in December after wheat and flour prices started rising in the open market due to supply crunch. The waive off enabled private traders to import almost 6 million tonnes of wheat - among the highest in recent times to refill their inventories and cool down prices. Inventories with private companies were running dry due to low ...

With stocks set to cross a record 96 mn tonnes, duty will help ensure payment of MSP to farmers

During the previous season India procured 22.96 mt

India's wheat imports are estimated at 2.5 million tonnes this year, of which 1.5 million tonnes have already landed

Crop growers could get discouraged with decline in prices, may slow down acreage under wheat

Benefit of lower duty will not be fully passed on to millers, as importers had earlier made losses due to higher purchase price

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The move comes amid forecasts for a rebound in Indian crop from a five-year low and should prevent distressed sales by farmers during the harvest