Sugar export ban extended by government till October 31 next year
In May this year, the government had banned sugar exports with effect from June 1 till October 31, 2022 after the prices had surged exponentially
The Centre has extended the ban on sugar exports by a year till October 31, 2023 to ensure a check on the domestic prices and its availability in the country.
The move is being seen as a step towards curbing rising food inflation.
In May this year, the government had banned sugar exports with effect from June 1 till October 31, 2022 after the prices had surged exponentially.
"Restriction on export of sugar (raw, refined, and white sugar) is extended beyond October 31, 2022 till October 31, 2023, or until further orders, whichever is earlier. Other conditions will remain unchanged," the Directorate General of Foreign Trade (DGFT) said in a notification dated October 28.
However, the restrictions won't apply on sugar being exported to the EU and the US under CXL and TRQ duty concession quotas, the notification said.
A specified amount of sugar is exported to these regions under CXL and TRQ (tariff rate quota).
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.