The government imposed a 40 per cent duty on the export of onions vide Notification No. 48/2023-Customs to check price rise and improve supplies in the domestic market till December 31, 2023. This notification takes immediate effect and will remain enforceable until December 31, 2023. The export duty comes amid reports that onion prices are likely to rise in September.
Notification No. 48/2023-Customs issued by the Ministry of Finance showcases the government’s proactive approach to managing trade and export dynamics. By instituting a 40% export duty on onions, the government aims to regulate the export of this essential commodity while maintaining a stable supply in the domestic market. This strategic move is intended to prevent undue price fluctuations and potential shortages. The imposition of this export duty, effective immediately and extending until the end of December 2023, reflects the government’s commitment to balancing trade priorities with the needs of the local economy.
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi
Notification No. 48/2023-Customs | Dated: 19th August, 2023
G.S.R. 617(E).—In 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 in the public interest so to do, hereby exempts the goods of the description specified in column (3) of the Table below, falling within the Chapter, heading, sub–heading or tariff item of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), specified in the corresponding entry in column (2) of the said Table, when exported out of India, from so much of the duty of customs leviable thereon under the said Second Schedule as is in excess of the amount calculated at the rate of duty specified in the corresponding entry in column (4) of the said Table, namely: –
TABLE
| Sl. No. | Sub-heading or tariff item | Description of goods | Rate of duty |
| (1) | (2) | (3) | (4) |
| 1. | 0703 10 | Onions | 40% |
2. This notification shall come into force with immediate effect, and will remain in force up to and inclusive of the 31st December, 2023.
[F. No. 190354/158/2023-TRU]
AMREETA TITUS, Dy. Secy.
