NewsGate Press Network
Everyone had a fair idea that this was coming as wheat prices rose to an average of 15-20 percent during last 12 months.
Except honouring those letters of credit that have been promised for export of wheat, the Director General of Foreign Trade (DGFT) said in a notification that “the export policy of wheat is prohibited with immediate effect”.
The export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed.
According to the DGFT notification, wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India’s wheat exports stood at an all-time high of 7 million tonnes, valuing USD 2.05 billion, in 2021-22.