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To control domestic prices, India bans wheat exports with immediate effect -Harpreet Bajwa

-The New Indian Express

However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, DGFT said in a notification dated May 13.

CHANDIGARH: With the Russia-Ukraine conflict disrupting global wheat trade and the procurement of wheat dipping down this year due to hosts of reasons and the prices of wheat flour (Atta) is an all time high in last one decade as it is between Rs 32 to Rs 33 per Kilogram and now union government banning export of the grain with immediate effect it is likely to stabilize the prices of wheat.

Sources said that an official notification has been issued yesterday Directorate General of Foreign Trade (DGFT) as it called the action a part of measures to control rising domestic prices. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed.

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