The Government has announced the imposition of a 40% export duty on onions in the movie aimed at curbing the potential rise in onion prices and ensuring adequate supplies in the domestic market. The said decision was being communicated by the Ministry of Finance, the Customs through the Notification No. 48/2023-Customs, which takes immediate effect and will remain in force until 31.12.2023.
The Government has taken this step to safeguard the interests of consumers and stabilize the domestic market, while citing the concerns over the anticipated increase in onion prices as September approaches.
The notification issued in accordance with the powers granted by the sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), wherein it outlines the exemption criteria for the export duty.
