ANNOUNCEMENT 21 Feb 2012
In February 2012, the government of India reduced the Minimum Export Price on Basmati Rice.
NUMBER OF INTERVENTIONS
Notification No. 97 (RE-2010) /2009-2014
On 21 February 2012, the Government of India through Notification No. 97 (RE-2010)/2009-2014 reduced the minimum export price (MEP) on Basmati rice. The new MEP is USD 700 per metric ton, reduced from USD 900 or Rs. 41,400 per metric ton. The MEP has to calculated exclusive of the foreign commission.
Furthermore, the new regulation permits such exports through all Electronic Data Interchange (EDI) ports. The exports were earlier restricted to only six ports earlier.
The MEP was later withdrawn on 4 July 2012 (See related State Act).