onion prices: imposes 40 percent export duty

onion prices: A significant move by the government to control onion prices, imposing a 40 percent export duty.

onion prices:

 

Amid concerns of rising onion prices, the central government has taken a firm stance. The Ministry of Finance has imposed a 40 percent customs duty on onion exports to stabilize prices in the domestic market.

Amidst concerns over rising prices of onions following tomatoes, the government has taken stringent measures to address this issue. The government has imposed a 40 percent customs duty on onion exports.

The Ministry of Finance has also issued orders for this purpose. As per the government’s directive, this move aims to control the increasing prices in the domestic market. The order for export duty will remain in effect until December 31, 2023.

The Ministry of Finance has stated in a notification that a 40 percent export duty has been imposed on onions until December 31, 2023. Amidst reports of export tariffs, it is feared that onion prices might rise in September.

According to the Central Board of Indirect Taxes and Customs (CBIC), this decision has been taken in the public interest. It is worth mentioning that prior to this, the government had also imposed restrictions on the export of wheat and rice.

The government had taken a significant step to provide relief from the increasing prices of tomatoes, apart from onions. Starting from August 20, 2023, the government is selling tomatoes at a rate of 40 rupees per kilogram.

On August 20, the Department of Consumer Affairs instructed NAFED and NCCF to offer tomatoes for sale at a price of 40 rupees. Additionally, there has been a decrease in prices in the retail market as well. Tomato retail sales in the Delhi-NCR region started on July 14, 2023.

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