Amid sliding prices of maize in the wake of the lockdown, the Centre has notified norms for import of 5 lakh tonnes of maize under Tariff Rate Quota Scheme during the current financial year at a concessional customs duty of 15 per cent.
At present, maize attracts 50 per cent import duty.
The move may further dampen the hopes of maize farmers, who were expecting prices to rise with pickup in demand after un-lockdown.
Maize farmers in Bihar, who account for over 80 per cent of Indias 6-7 million tonnes (mt) of annual production of rabi maize, are facing difficulties in selling their produce as prices have gone down to Rs 1,100-1,250 per quintal, much lower than Rs 2,000-2,400 per quintal last year and the governments minimum support price (MSP) of Rs 1,760 per quintal for 2019-20. The state is headed for Assembly elections in October-November.
https://indianexpress.com/article/india/tariff-rate-quota-scheme-centre-notifies-norms-for-import-of-maize-at-concessional-duty/
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Amid sliding prices of maize in the wake of the lockdown, the Centre has notified norms for import of 5 lakh tonnes of maize under Tariff Rate Quota Scheme during the current financial year at a concessional customs duty of 15 per cent. At present, maize attracts 50 per cent import duty. The move may further dampen the hopes of maize farmers, who were expecting prices to rise with pickup in demand after un-lockdown. Maize farmers in Bihar, who account for over 80 per cent of Indias 6-7 million tonnes (mt) of annual production of rabi maize, are facing difficulties in selling their produce as prices have gone down to Rs 1,100-1,250 per quintal, much lower than Rs 2,000-2,400 per quintal last year and the governments minimum support price (MSP) of Rs 1,760 per quintal for 2019-20. The state is headed for Assembly elections in October-November. https://indianexpress.com/article/india/tariff-rate-quota-scheme-centre-notifies-norms-for-import-of-maize-at-concessional-duty/