DGFT Information: DGFT directs regional authorities to problem RCs to wheat exporters

The directorate common of overseas commerce has directed its regional authorities to problem registration of contracts to the wheat exporters who’ve irrevocable letters of credit score, in order that they will honour their contracts. The path got here after the federal government banned wheat exports however allowed the abroad shipments for which irrevocable LoC (Letters of Credit score) have been issued on or earlier than Might 13.

The Directorate Normal of Overseas Commerce (DGFT) is an arm of the commerce ministry which offers with exports and imports associated issues.

“All RA (Regional Authorities) beneath the DGFT are hereby directed to problem Registration of Contracts (RC) to the exporters of wheat, ideally inside a prescribed time restrict of 24 hours, on submission of utility, full in all respects, by the exporters,” the DGFT has mentioned in a commerce discover.

It has added that the wheat export on humanitarian floor as support/help/ government-to-government shall be allowed on a case to case foundation, with the particular approval of the competent authority.

India‘s wheat exports stood at an all-time excessive of seven million tonnes, valuing USD 2.05 billion, in 2021-22 fiscal 12 months on higher demand for Indian wheat from abroad. Of the entire wheat exports, round 50 per cent of shipments have been exported to Bangladesh within the final fiscal.

In the course of the present fiscal, as per estimates, 4.3 million tonnes of wheat have been contracted for exports up to now.

Out of this, 1.2 million tonnes have already been exported in April and Might, and one other 1.1 million tonnes are anticipated to be shipped, commerce secretary B V R Subrahmanyam has mentioned.

He has mentioned that if an exporter has “a legitimate order — irrevocable letters of credit score — that contract will probably be honoured. So, India’s credibility as a dependable provider is maintained”.

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