January 22, 2018, 10:26 am
The central government has reduced the minimum export price (MEP) of onions to $700 per tonne till 20 February 2018.
According to a notification issued by the Directorate General of Foreign Trade (DGFT), the MEP has been reduced by $150 per tonne.
“Export of all varieties of onions... will be allowed only on Letter of Credit (LC) subject to a MEP of $700 E.O.B. per metric ton (instead of $850 F.O.B. per metric ton) with immediate effect and till 20.02.2018,” said the notification issued on 19 January 2018.
The MEP was reintroduced in November 2017 to check the rise in domestic prices.