The Union Cabinet yesterday approved exemption to exporters having IEC Code issued by DGFT from the purview of stock holding limits under the Essential Commodities Act, 1955 with respect to edible oilseeds, edible oils and rice. This will help exporters benefit from economies of scale and bigger operation for optimally meeting export demands on a long-term basis.
The exemption would be with the following condition:
If a wholesaler or retailer or dealer having IEC issued by DGFT is able to demonstrate that whole or part of his or her stocks in respect of edible oil, edible oilseeds and rice are meant for exports, then the stocks meant for exports shall be excluded for the purpose of calculation of stock limits.
Tags: Business, Cabinet of India, Cooking oil, DGFT, Essential Commodities Act, Export, Food and Related Products, Grains and Legumes, Import and Export, Investing, Taiwan, Union Cabinet, Vegetable oil