NEW DELHI: Before issuing registration certificates, the Directorate General of Foreign Trade has asked all regional authorities to physically verify all documents of applicants for wheat export. The order was issued to ensure that certificates were not granted to exporters based on forged documentation.
"To close the gap, Regional Authorities have agreed to conduct physical verifications of all Letters of Credit (LC), whether approved or in the process. If necessary, a professional agency's assistance might be enlisted for such verification "On Tuesday, an official statement was released.
On May 13, the Centre imposed restrictions on wheat exports in order to manage the country's "overall food security" situation and to meet the needs of neighbouring and vulnerable countries that have been adversely affected by sudden changes in the global wheat market and are unable to obtain adequate wheat supplies.
Following Russia's ongoing invasion of Ukraine on February 24, the decision to ban wheat exports came on the heels of rising wheat prices in domestic markets and in all other major producing countries due to a supply imbalance. Both countries taking part in the military action are major producers and exporters of the primary food grain. Then there was the heatwave in India's major wheat-growing regions.
According to reports, the early start of summer in key wheat-growing regions, followed by strong heat waves, is anticipated to diminish crop output since high heat shrivels grain pods in the maturity stage.
After wheat, sugar, now it is the turn of rice, Modi government is preparing to ban exports
Govt sees 3 pc fall in wheat output at 106.41 mn tonnes in 2021-22
India's export ban causes global wheat prices to fluctuate