1 million tonne rice trapped at ports as buyers refuse to pay duty

Monday, 12 September 2022newsdesk

Rice loading has stopped at Indian ports and nearly one million tonnes of grain are trapped there as buyers refuse to pay the government’s new 20% export levy on top of the agreed contract price, five exporters told Reuters on Friday.

New Delhi, 12 September 2022

As per news report of The Indian Express, India banned exports of broken rice and imposed a 20% duty on exports of various other types on Thursday as the world’s biggest exporter of the grain tries to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting. “The duty became effective from midnight, but buyers are not ready to pay the duty,” said B.V. Krishna Rao, president of the All India Rice Exporters Association (AIREA). “We have stopped loading vessels.”

Source - The Indian Express