20% export duty imposed by the Government on parboiled rice.

20% export duty imposed by the Government on parboiled rice.: With an aim to maintain sufficient local stocks and keep domestic prices under check, the government has imposed a 20% duty on exports of parboiled rice. On August 25, the export duty has been imposed and will remain effective till October 16, 2023.

Duty exemption will be given on parboiled rice lying in ports, i.e. export duty order will not be applicable on rice stocks that have not been given LEO (Late Export Order) and are supported by a valid LC (Letter of Credit) before 25 August 2023.

Daily Current Affairs Quiz: August 2023

With these restrictions, India has now banned all varieties of non-basmati rice. Non-basmati white rice accounts for about 25% of the total rice exported from the country. In July, the government banned exports of non-basmati white rice to boost domestic supplies and keep retail prices under control during the upcoming festive season. The export of broken rice was banned in September 2022.

About 15.54 lakh tonnes of non-basmati white rice was exported in the April-June period of the current financial year, as against only 11.55 lakh tonnes in the year-ago period. Annual retail or consumer price inflation rose to a 15-month high of 7.44% in July from 4.87% in June amid a sharp rise in food prices.

India’s total basmati rice exports in 2022-23 stood at $4.8 billion in value terms, while it stood at 4.56 million tonnes in volume terms. Non-basmati exports stood at $6.36 billion in the last financial year and in terms of quantity, it was 177.9 lakh tonnes.