Government Imposes 40% Export Duty On Onions To Stabilize Domestic Market
Bhavya Singh
22 Aug 2023 6:00 AM GMT
In a move aimed at curbing the potential rise in onion prices and ensuring adequate supplies in the domestic market, the government has announced the imposition of a 40% export duty on onions. The decision was communicated by the Ministry of Finance (Customs) through Notification No. 48/2023-Customs, which takes immediate effect and will remain in force until December 31, 2023.Citing...
In a move aimed at curbing the potential rise in onion prices and ensuring adequate supplies in the domestic market, the government has announced the imposition of a 40% export duty on onions. The decision was communicated by the Ministry of Finance (Customs) through Notification No. 48/2023-Customs, which takes immediate effect and will remain in force until December 31, 2023.
Citing concerns over the anticipated increase in onion prices as September approaches, the government has taken this step to safeguard the interests of consumers and stabilize the domestic market. The notification, issued in accordance with the powers granted by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), outlines the exemption criteria for the export duty.
