Export of rice from Pvt Stocks allowed at $400/t

The government has allowed export of one million tonnes of non-basmati rice through private trade and fixed the export price at $400 per tonne. Export of 10 lakh tonne non basmati rice has been permitted on private account. This export will be subject to an MEP (minimum export price) of $400 per tonnes. Exporters would have to register their contracts with DGFT on a first come-first-serve basis, provided shipments should be undertaken from privately held stocks. The application for exports can be for a maximum of 12,500 tonnes and it must be accompanied with irrevocable and confirmed letter of credit.