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HomeFinanceSugar export ban extended by Centre till October 31, know why: Inflation alert

Sugar export ban extended by Centre till October 31, know why: Inflation alert

Following a remarkable ascent in value, the government prohibited sugar sends out with impact from June 1 to October 31, 2022.

The Centre has broadened the prohibition on sugar sends out by a year till October 31, 2023 to guarantee a mind the domestic costs and its accessibility in the country.

The move is being viewed as a stage towards checking rising food expansion.

In May this year, the government had prohibited sugar trades with impact from June 1 till October 31, 2022 after the costs had flooded dramatically.

“Limitation on product of sugar (crude, refined, and white sugar) is stretched out past October 31, 2022 till October 31, 2023, or until additional orders, whichever is prior. Different circumstances will stay unaltered,” the Directorate General of Foreign Trade (DGFT) said in a notification dated October 28.

Notwithstanding, the limitations will not matter on sugar being sent out to the EU and the US under CXL and TRQ obligation concession quantities, the warning said.

A predefined measure of sugar is sent out to these locales under CXL and TRQ (tariff rate quantity).

Source

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