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India prohibits wheat exports with immediate effect

Following a nearly 40% rise in global rates in the aftermath of the Russia-Ukraine crisis, and also as India ramped up exports, wheat and cereal prices rose in India.

May 14, 2022 / 10:04 AM IST
Representative Image

Representative Image

India has prohibited wheat exports with immediate effect, according to a government notification issued late Friday, as the world's second-largest wheat producer attempts to stabilise domestic prices.

However, export shipments for which irrevocable letters of credit (LoC) were issued on or before the date of this announcement will be approved, according to a May 13 notification from the Directorate General of Foreign Trade (DGFT).

"The export policy of wheat is prohibited with immediate effect," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.

Following a nearly 40% rise in global rates in the aftermath of the Russia-Ukraine crisis, and also as India ramped up exports, wheat and cereal prices rose in India.