No duty on Rice imports – India starts import of rice – taking coal to Newcastle?
Importing rice into India is as good or bad as taking coal to Newcastle – but that is exactly what is happening. With the recent exemption from Customs duty on import of rice which was a high 70% (Please see -16.10.2009) import of rice into India has started. About four lakh tonnes of rice has already been imported by traders and the figure is going to go up. Though the government is not importing rice, it has created an opportunity for private traders to do so.