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Export benefits on onion removed as domestic prices rise

IANS  |  New Delhi 

In a bid to lower domestic prices of onion, the central government on Tuesday withdrew the Merchandise Exports from India Scheme (MEIS) benefits given for the export of "fresh or chilled" with immediate effect.

Recently, the prices of the essential vegetable has risen sharply.

Currently, wholesale prices have shot up at the country's largest wholesale market for in Lasalgaon in Maharashtra's district. The price of the vegetable was quoted around Rs 1,300 per 100 kg, up from Rs 900 on a month-on-month basis.

Accordingly, the of Foreign Trade withdrew the benefit.

"The rate at which benefits for export of 'Fresh or Chilled' under ITC (HS) code 07031010 is granted under the FTP has been made zero from the current 10 per cent with immediate effect," DGFT, which comes under the Ministry of Commerce and Industry, said in a public notice.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 23:10 IST