India has made a strong case to reduce the cost of cross-border remittances to promote international trade at the World Trade Organization (WTO), said people with knowledge of the matter. At a virtual meeting last week, senior officials of the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) highlighted the steep cost of making payments across national borders.
The Centre has allowed export of 1,000 tonnes of Kala namak raw rice, a premium non-basmati variety from Uttar Pradesh, through any of six select destinations, including ports, without duty, after certification by the State government. Currently, export of parboiled rice alone is allowed at a 20 per cent rate of duty, while shipment of all other non-basmati rice varieties is prohibited.
With an export ban in place on rice and wheat, the union commerce ministry has shifted its focus to exports of agricultural products including fresh fruit and vegetables to new destinations, including the US, European Union and African countries, two persons said.
India on Wednesday allowed an additional 10,000 tonnes of onion exports to the UAE through the National Cooperative Exports Ltd (NCEL), according to a notification issued by the Directorate General of Foreign Trade (DGFT).