MEP on Onions Back
to $850 per MT as Domestic Prices Rise, LC is must now
Union Government has decided that the export
of all varieties of onions (as described under Chapter 7 of Schedule 2 of ITC
(HS)) shall be permitted only on Letter of Credit (LC)
subject to minimum export price (MEP) of US $ 850 F.O.B. per Metric Ton until
further orders. A Notification to this effect has been issued by the Directorate
General of Foreign Trade, Department of Commerce, Ministry of Commerce &
Industries, Government of India dated 13th September,
2019.
[DGFT Notification No. 19
dated 13th September 2019]
Effect of this Notification: Export of all varieties of onions, as described above, will be allowed only on Letter of Credit (LC) subject to a Minimum
Export Price (MEP) of US$ 850 F.O.B per Metric Ton till further orders.
Subject: Export Policy of Onions- Imposition of Minimum Export Price
(MEP).
In exercise of powers conferred by Section
3 of the Foreign Trade (Development
& Regulation) Act, 1992
(No. 22
of 1992), as amended, read
with Para 1.02
of the Foreign Trade Policy, 2015-2020, the
Central Government hereby makes amendment, with immediate effect, by substituting Para-2 of Notification No. 48/2015-20 dated 02.02.2018 relating
to export of onion; as under:
2. The amended para 2 of Notification No. 48/2015-20 dated 02.02.2018 is amended to read
as:
"Export of onion for the
item description at Serial Number 51 & 52 of
Chapter 7
of Schedule
2 of
ITC (HS) classification of Export
& Import Items shall be permitted
only on Letter of Credit
(LC) subject to a Minimum
Export Price (MEP) of US$
850 F.O.B per Metric
Ton till further orders".