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India banned exports of wheat on Could 13 to chill the meals grain’s native costs, however later allowed shipments the place banks had already opened letters of credit score (LCs) earlier than the ban was introduced. However exports nonetheless want DGFT’s clearance, which is taking time as authorities try to make sure that exporters did not back-date the LCs.
Commerce sources mentioned the vans ready on the Bangladesh border principally belonged to small merchants, not like on the Kandla port the place massive portions of wheat belonging to some large corporations and merchants had been stranded.
In line with the Confederation of West Bengal Commerce Associations, there are about 6,000 vans, 10-12 railway rakes and 10-12 barges/vessels stranded on the Kolkata port. In line with estimates of merchants and exporters, consignments of about 2,00,000-3,00,000 tonnes could also be having real LCs.
