December 23, 2024 09:47 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mohali building collapse: Death toll rises to 2, many feared trapped for 17 hours | 4-year-old killed after speeding car driven by a teen hits him in Mumbai | PM Modi attends opening ceremony of Arabian Gulf Cup in Kuwait | Jaipur gas tanker crash: Toll touches 14, 30 critical | Arrest warrant against former cricketer Robin Uthappa over 'PF fraud' | PM Modi emplanes for a visit to Kuwait | German Christmas market car attack leaves 2 dead, Saudi Arabian doctor arrested | India, France come together to build world's largest museum in Delhi's Raisina Hill | Canada, US presented no evidence of Indians' involvement in purported criminal acts: Centre informs Parliament amid 'serious allegations' | Delhi Police Crime Branch to investigate FIR against Rahul Gandhi over Parliament tussle

Minimum Export Price imposed on onion export

| | Jun 19, 2014, at 03:40 am
#Minimum Export Price imposed on onion export
New Delhi, June 18 (IBNS): The Ministry of Commerce & Industry on Wednesday said Minimum Export Price (MEP) of onion is fixed by an Inter-ministerial Committee (IMC), in terms of the decision of the Cabinet Committee on Prices held on June 10, 2000.
The IMC is chaired by Joint Secretary, Department of Commerce. 
 
This committee takes stock of the arrival of onion and modal prices prevailing in the important production and consumption centres and decides the MEP of onion accordingly. 
 
In their meeting held on  June 13, 2014, the Inter-Ministerial Committee observed that the modal rates in the producing mandies have shown increase during 2nd week of June, 2014 and the retail and wholesale prices in four metropolitan cities have also shown steady increase as compared to prices prevailing on  May 1, 2014. 
 
The Committee as such observed that there is an urgent need to calibrate exports in order to augment domestic supplies so that domestic prices do not overshoot in near future. 
 
Therefore, the IMC decided to fix the MEP at USD 300 per MT FOB. 
 
"Imposition of MEP on onion export is expected to help in arresting the rise in prices and stabilizing the onion prices in the domestic markets and balance the interests of both farmers and consumers," the ministry said in a statement.
 

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.
Related Images
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Gautam Adani meets Bangladesh PM Sheikh Hasina
Gautam Adani meets Bangladesh PM Sheikh Hasina Sep 06, 2022, at 06:46 am