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India: DGFT issues registration certificates for 1.6 MT wheat export after May 13 ban order

Wheat
India
Price Trend
Regulation / Agreement
Supply Yield / Stock Quantity
Jul 3, 2022
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Following the May 13 ban order, the commerce ministry's arm, the Directorate General of Foreign Trade (DGFT), has issued registration certificates for approximately 1.6 million tonnes of wheat to exporters with valid letters of credit, according to an official.
Following the May 13 ban order, the commerce ministry's arm, the Directorate General of Foreign Trade (DGFT), has issued registration certificates for approximately 1.6 million tonne of wheat to exporters with valid letters of credit, according to an official. The government is allowing wheat shipments for which irrevocable letters of credit (L/C) were issued on or before May 13, when the foodgrain export ban was imposed in an effort to keep rising prices in check. Because Russia and Ukraine are key players in the wheat sector, the war has had a significant impact on the flow of wheat in global markets. Russia and Ukraine account for nearly a quarter of the global wheat supply. Exporters with valid L/Cs would be required to register with the Directorate General of Foreign Trade (DGFT) Regional Authorities in order to obtain registration of contracts (RCs) to ship their consignments. Wheat mandis (wholesale markets) have dropped by Rs 50-100 a quintal on average since the morning ...
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