India waives ban 4.5 lakh tons rice to be imported

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Sat, 19/05/2012 - 9:58 am.

India waives ban 4.5 lakh tons rice to be imported

India has allowed export of 450,000 tons of non-basmati rice to Bangladesh, waiving a ban on the classified commodity export.

Indian Director General of foreign trade said in a statement on Tuesday. The country currently has prohibited rice exports of any variety priced below US$500 per ton.

The official said, state-run companies, namely the State Trading Corporation, MMTC Ltd, PEC Ltd and National Agricultural Cooperative Marketing Federation of India Ltd will export 100,000 tons each to its neighboring Bangladesh, where price of rice is one roller-coastar ride.

It was mentioned that the West Bengal Essential Commodities Supply Corporation Ltd will export 50,000 tons taking the total 5,00,000 tons that was committed by Indian External Affairs Minister Pranab Mukherjee during his last visit to Dhaka immediately after the Super Cyclone Sidr devastated its southwestern coast on November 15, 2007.

Bangladesh needs nearly two million tons of food grains including rice by the end of June-2008, following a devastating cyclone in November and two consecutive floods, which killed over 4,100 people and left millions homeless and no crops left over the fields.

However, the official notification did not give any reason for allowing the exports, sidelining the export ban.

Indian High Commissioner in Dhaka Pinak Ranjan Chakrabarti earlier said the 5,00,000 tons promised rice as Sidr relief will not come under current price list.

However, the Bangladesh Government had urged the international community to provide rice to feed its calamity-affected population.