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:
(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.
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