FTP - Export of 10 lakh MT Non basmati Rice Allowed
GOVERNMENT has allowed export of Ten lakh MT of non-Basmati rice, subject to the conditions:-
a) Export shall be made from privately held stocks.
b) Applications for allotment must be accompanied with irrevocable and confirmed letter of credit.
c) An applicant must submit a performance bank guarantee, along with the application for a value equivalent to a value of 10% of applied quantity. In case of non-completion of exports, within the stipulated time frame, this bank guarantee is liable to be confiscated. A flexibility of + or – 5% in performance is allowed.
d) An application can be for a maximum of 12,500 MT.
e) This export will be subject to an MEP of US$400 per MT.
DGFT Notification No. 60/(RE-2010)/2009-2014., Dated: July 19, 2011