ANNOUNCEMENT 07 Sep 2009
In September 2009, the government of India reduced the Minimum Export Price on Basmati Rice.
NUMBER OF INTERVENTIONS
Notification No. 05/2009-2014
On 7 September 2009, vide Notification No. 05/2009-2014, the Government of India reduced the Minimum Export Price (MEP) on Basmati rice from "USD 1100 or Rs. 49,300 per ton FOB" to "USD 900 or Rs. 41,400 per ton FOB".
Further, an additional condition was added for the calculation of the MEP. The Notification states that foreign commission up to 12.5% will be allowed for computation of the MEP and any commission or discount in excess of 12.5% will not be allowed.
The MEP was later reduced again on 21 February 2012 (See related State Act).