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Centre orders strict compliance, physical verification of wheat export registration process
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IANS | 31 May, 2022
The
Directorate General of Foreign Trade has directed all regional
authorities to physically verify all documents of applicants for export
of wheat before issuing registration certificates (RCs).
The order has been issued to ensure that the exporters are not issued certificates based on improper documents.
"In
order to plug the loophole, it has been decided that Regional
Authorities will do a physical verification of all Letters of Credit,
whether already approved or under process. Wherever necessary, help of a
professional agency may be taken for such verification," an official
statement said on Tuesday.
The Centre had on May 13 restricted
wheat exports to manage the "overall food security" situation in the
country and to support the needs of neighbouring and vulnerable nations
adversely affected by the sudden changes in the global market for wheat
and are unable to access adequate wheat supplies.
The move to
restrict export of wheat came close on heels of rising wheat prices in
domestic markets and in all other major producing countries due to
supply imbalance after Russian launched its ongoing invasion of Ukraine
on February 24.
Both the countries involved in the military action are two major producers and exporters of the staple foodgrain.
Then came the heat wave in major wheat growing regions in India.
Reports
suggest that the early onset of summer followed by severe heat waves in
key wheat growing regions is likely to reduce crop yields as excessive
heat typically shrivels grain pods in the maturity stage.
The
current wheat price in India, at around Rs 2,300-2,400 per 100 kg, is
well above the Centre's assured Minimum Support Price (MSP), which in
itself is a rare phenomenon.
The MSP for wheat for 2022-23 marketing season was fixed at Rs 2,015 per 100 kg.
It
is important to note that prices of wheat remain on the lower side
during this time of the year as freshly harvested rabi crops make their
way into the physical markets or mandis.
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