New Delhi: The central government on Tuesday relaxed its wheat export ban order of May 13 to allow export consignments that were registered with the customs authority before the wheat export ban came into force. After banning the export of wheat by India, there was a huge jump in the prices of wheat in the European market on Monday. As soon as the European market opened on Monday, the price of wheat reached 435 euros ($ 453) per ton.
In February this year, after Russia's declaration of war against Ukraine and attacks on its agricultural powerhouse, fears of global wheat supply have increased. Due to this, there was a jump in the prices.
"It has been decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to May 13, such consignments would be allowed to be exported," the commerce ministry said in a statement.
The govt has likewise permitted a wheat transfer set out toward Egypt, which was at that point under loading at the Kandla port, it said.
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The move follows a request by the Egyptian government to allow the wheat freight that was being stacked at the Kandla port.
Mera International India Pvt Ltd, the organisation connected with for product of the wheat to Egypt, had likewise given a representation for the finish of stacking of 61,500 MT of wheat of which 44,340 MT had previously been stacked and only 17,160 MT was left to be stacked, it added.
The govt chose to allow the full transfer of 61,500 MT and permitted it to cruise from Kandla to Egypt, the ministry said.
The move additionally comes against the scenery of reports that a large number of trucks conveying wheat were in the line outside ports due to the sudden announcement of the wheat export ban.
The government had before limited wheat products to deal with the general food security circumstance in India and to help the requirements of adjoining and weak nations that have been unfavorably impacted by the unexpected changes in the worldwide market for wheat and are incapable to get satisfactory wheat supplies.
According to the request given on May 13, the restrictions wouldn't matter in that frame of mind earlier responsibilities have been made by private dealers through letters of Credit as well as in circumstances where consent is conceded by the government to different nations to meet their food security needs and on the solicitations of their governments.
"The order served three main purposes: ensure India's food security and check inflation, it helps other countries facing food deficit, and it maintains India's reliability as a supplier," the ministry said in the statement, adding that the order also aimed to provide a clear direction to the wheat market to prevent hoarding of wheat supplies.
(With PTI inputs)