The authorities has determined to limit exports of wheat flour and associated merchandise, as an irrational spike in outbound shipments of the commodity in latest weeks has threatened to undermine its ban on wheat dispatches. Now, the flour exports can be topic to suggestions by an inter-ministerial panel, though they aren’t banned but.
FE was the primary to report on June 14 about seemingly restrictions on wheat flour exports.
According to a notification dated July 6 by the Directorate General of Foreign Trade (DGFT), the choice will take impact from July 12. Exports of wheat flour (atta), maida, samolina (rava/sirgi), wholemeal atta and resultant atta are coated beneath the notification.
Wheat flour exports witnessed a sudden and weird surge within the aftermath of the ban on the outbound cargo of wheat on May 13, indicating that many merchants is perhaps utilizing this path to beat the prohibition on the grain’s exports.
Usually month-to-month exports right now of the 12 months are about 6,000-8,000 tonnes. However, flour dispatches exceeded 1 lakh tonnes inside a month of the ban on wheat, based on trade sources. To make certain, flour exports have been neither banned nor restricted when wheat shipments have been prohibited in May.
According to the most recent notification, between July 6 and 12, consignments of wheat flour and associated merchandise can be allowed to be exported with out prior permission of the panel the place loading of the commodity on the ship had began earlier than this notification. Also, if the consignment was handed over to the Customs authorities earlier than July 6, will probably be allowed.
In worth time period, exports of wheat or meslin flour jumped 64% final fiscal from a 12 months earlier than to $247 million, based on the DGCIS information. In distinction, wheat exports had jumped 274% in FY22 to $2.12 billion.
Norms to scrutinise iron & metal imports tweaked
In one other notification, the DGFT stated importers of metal and merchandise have to register with the Steel Import Monitoring System inside 60 days earlier than the arrival of their consignment. Earlier, they have been mandated to take action no less than 15 days earlier than the anticipated arrival of the consignment. The new rule, thus, grants the importers extra time to register their imports.
The authorities had in late 2020 directed merchants to register themselves with the SIMS. Analysts had then stated the transfer was aimed toward discouraging iron & metal imports and comes at a time when the federal government has stepped up give attention to home manufacturing beneath the Atmanirbhar Bharat initiative.
Source: www.financialexpress.com”