November 23, 2024 03:35 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
Ministry of Commerce tightens norms for wheat export registration
Wheat Export
Image Credit: Unsplash

Ministry of Commerce tightens norms for wheat export registration

| @indiablooms | 01 Jun 2022, 12:17 am

New Delhi: The Ministry of Commerce has tightened the norms for wheat export registration in order to prevent fraudulent practices.

The Directorate General of Foreign Trade (DGFT) has directed regional authorities to physically verify all documents of applicants for the export of wheat before issuing Registration Certificates (RCs).

The order has been issued to ensure that the exporters are not given RCs based on improper documents, a statement from the Ministry of Commerce said on Tuesday.

''In order to plug the loophole, it has been decided that regional authorities will do a physical verification of all Letters of Credit (LC), whether already approved or under process. Wherever necessary, help of a professional agency may be taken for such verification,'' the order said.

The order said validation or endorsement by the recipient bank must be ensured while doing physical verification.

"In cases where the LC date is on or prior to 13th May 2022 but the swift message / message exchange date between the Indian and Foreign bank is after 13th May 2022, Regional Authorities may conduct full investigation and if these are found to be ante–dated, immediate proceedings under FT (D&R) Act, 1992 to be initiated against the exporters," it said.

"Such cases to be further examined for referring to enforcement agencies like Economic Offence Wing (EOW) / Central Bureau of Investigation (CBI).

In case of complicity of any banker in cases where ante-dating is established, necessary proceedings as per law will be initiated,'' it added.

On May 13, the Centre had restricted wheat exports to manage the overall food security situation in India and to support the needs of neighbouring and vulnerable countries that are adversely affected by the sudden changes in the global market for wheat and are unable to access adequate wheat supplies.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.