Government imposes Minimum Export Price (MEP) for Onions

Government imposes Minimum Export Price
Question: What is the decided price per metric ton for onion as per the new Minimum Export Price imposed by the government on 13th September 2019?
(a) $800
(b) $700
(c) $850
(d) $750
Answer: (c)
Related facts:
  • Union Government has decided that the export of all varieties of onions (as described under Chapter 7 of Schedule 2 of ITC (HS)) shall be permitted only on Letter of Credit (LC) subject to minimum export price (MEP) of US $ 850 F.O.B. per Metric Ton until further orders.
  • This step has been taken to check exports and bring down the increasing prices in the local market.
  •  A notification to this effect has been issued by the Directorate General of Foreign Trade, Department of Commerce, Ministry of Commerce & Industries, Government of India dated 13th September, 2019.
  • A sharp fall in the supply of onion is one of the reasons for the price rise.

Links:

https://www.thehindubusinessline.com/economy/agri-business/govt-imposes-850tonne-minimum-export-price-on-onion/article29409559.ece

https://pib.gov.in/PressReleseDetail.aspx?PRID=1585050

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