Minimum export price (MEP) is the minimum rate below which exports are not allowed was eliminated from Onion in December 2015 and has reintroduced by the government at USD 850 per tonne to increase domestic supplies and check rising prices.
Supplies got exhausted as large quantity of exports were undertaken in the first four months of the current fiscal. The country exported 1.2 million tonnes in April-July of this fiscal, up by 56 per cent from the year-ago period.
Export of Onion shall be permitted only on Letter of Credit (LC) subject to a MEP of USD 850 per tonne till December 31, 2017." the Directorate General of Foreign Trade (DGFT) said.
The government has asked state-run MMTC to import 2,000 tonnes of Onion, while other agencies Nafed and SFAC to buy Onions locally and supply in consuming areas.
Supplies got exhausted as large quantity of exports were undertaken in the first four months of the current fiscal. The country exported 1.2 million tonnes in April-July of this fiscal, up by 56 per cent from the year-ago period.
Export of Onion shall be permitted only on Letter of Credit (LC) subject to a MEP of USD 850 per tonne till December 31, 2017." the Directorate General of Foreign Trade (DGFT) said.
The government has asked state-run MMTC to import 2,000 tonnes of Onion, while other agencies Nafed and SFAC to buy Onions locally and supply in consuming areas.
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