News

India imposes 40% export duty on onions to calm rising prices

Published

1 year ago

August 20, 2023

editor

India will impose with immediate effect a 40% export duty on onions up to Dec. 31 in an attempt to improve domestic availability of the vegetable, the ministry of finance said in a notification on Saturday.

The duty imposed by the world’s biggest exporter of onions will help New Delhi dampen local prices ahead of key state elections later this year but will force Asian buyers to shell out more, as other regional exporters have limited supplies.

“The export duty will make Indian onions more expensive than those from Pakistan, China, and Egypt. This will naturally lead to lower exports and aid in reducing local prices,” said Ajit Shah, an exporter based in Mumbai.

Average wholesale onion price in key markets has jumped nearly 20% from July to August, to 2,400 rupees ($28.87) per 100 kg on concerns that erratic rainfall would lead to lower yields.

India is heading for its driest August in more than a century, with scant rainfall likely to persist across large areas, partly because of the El Niño weather pattern, two weather department officials told Reuters on Friday.

“Onions harvested during the summer months are rotting quickly, and the new supplies are being delayed. This situation has prompted the government to take precautionary measures,” said another Mumbai-based exporter.

India’s onion exports in the first half of 2023 jumped 63% from a year ago to 1.46 million metric tons.

Countries such as Bangladesh, Nepal, Malaysia, United Arab Emirates and Sri Lanka rely on Indian shipments.

Onions are used as the base for traditional dishes across Asia such as biryani in Pakistan and India, belacan in Malaysia and fish curry in Bangladesh.

“The Indian duty would prompt China and Pakistan to raise prices, as they have a limited surplus for exports,” said the second exporter.

India’s annual retail inflation (INCPIY=ECI) in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed, putting pressure on the government to take action to bring down prices.

India surprised buyers last month by imposing a ban on widely consumed non-basmati white rice sales to dampen price rises.

Source: Reuters

News

Faiszer Musthapha’s name gazetted as MP

Published

17 hours ago

December 11, 2024

editor

Former Minister Faiszer Musthapha’s name has been gazetted by the Election Commission as a National List MP of the National Democratic Front.

The NDF contested under the symbol of a Gas Cylinder at the recently concluded General Election.

2414-11_E Download

News

CID ordered to develop program to reimburse ‘Onmax DT’ depositors

Published

18 hours ago

December 11, 2024

editor

The Criminal Investigation Department (CID) has reported to the Colombo Magistrate’s Court that a total of 2,017 complaints have been filed by depositors who claim to have been cheated out of their money after investing in ‘Onmax DT,’ a private firm alleged to have been operating a pyramid scheme.

According to the CID, the total estimated financial losses incurred by the complainants amounts to around Rs. 2.96 billion.

During a hearing before Colombo Chief Magistrate Thilina Gamage today (11), CID officials disclosed that a total of 865 new complaints have been received since the last hearing, and that additional complaints continue to be received.

Nine suspects, including the directors of Onmax DT, appeared before the court for the hearing. The CID further informed the court that three other suspects remain overseas, and open warrants have been issued for their arrest.

Investigations against the suspects are being conducted under the Prevention of Money Laundering Act and the CID revealed that inquiries into two suspects have been completed and the excerpts of the investigations have been referred to the Attorney General.

Additionally, the CID officials informed the court that properties belonging to the suspected directors have been identified in foreign countries, including Australia, and investigations are being carried out in collaboration with the INTERPOL.

Colombo Chief Magistrate Thilina Gamage instructed the CID to immediately develop a program to reimburse the depositors who suffered financial losses.

The court ordered the CID to present an update on the progress of the investigation at the next hearing, scheduled for February 5, 2025.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

News

New Naval Attaché at Chinese embassy in SL calls on Navy commander (Pics)

Published

18 hours ago

December 11, 2024

editor

The new Naval Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Captain Zheng Zhaoping called on Commander of the Navy – Vice Admiral Priyantha Perera at the Navy Headquarters on Dec.10.

During the ensuing meeting, they exchanged views on several matters of bilateral importance, and the cordial discussion drew to a close with an exchange of mementoes, as a gesture of goodwill and cooperation.

Director General Health Services, Rear Admiral Janaka Marambe, Director General Operations, Rear Admiral Buddhika Liyanagamage, Director Naval Operations, Commodore Aruna Weerasinghe and Defence Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Colonel Zhou Bo were present on this occasion.