The Ministry of Finance has extended the date of the 20 % export duty on parboiled rice until March 31 2024, as it was to expire on October 15. The Principal notification No. 55/2022-Customs, dated the 31st October 2022, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 796(E), dated the 31st October 2022, was to check domestic prices of rice.
Through notification No. 59/2023-Customs G.S.R. 738(E), in the exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary for the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 55/2022-Customs, dated the 31st October 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 796(E), dated the 31st October 2022, namely:-
In the said notification, in the Annexure, in the entry against Condition number 5, for the figures, letters and words “16th day of October, 2023”, the figures, letters and words “1st day of April, 2024” shall be substituted.
It is a known fact that India’s rice production has risen to 135.54 million tonnes in the 2022-23 crop year (July- June) from 129.47 million tonnes in the previous year. The new extension also makes changes in the Agriculture sector.
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