JOIN USGovernment on Monday announced the lifting of the six-month-old ban on the export of onions as prices of the bulb stabilised in domestic markets.
“The export of all varieties of onions has been made free without any condition of letter of credit and MEP, with effect from March 15, 2020,” the Directorate General of Foreign Trade (DGFT) said in a notification.
In September 2019, the government banned onion exports and also imposed an MEP of USD 850 per tonne. The move came after prices started skyrocketing due to supply-demand mismatch.
Onion prices had touched Rs 200 per kg in December due to damage to crops on account of unseasonal rains.
However, after a bumper rabi crop started arriving in wholesale markets, prices of the bulb declined sharply prompting farmers to approach the Centre for lifting of export curbs.
Commerce Minister Piyush Goyal said that the decision lift the export ban will help boost the income of farmers.