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Edible Oil, Oilseeds, Rice Exempted from Stock Holding Limit Under the Essential Commodities ActEdible Oil, Oilseeds, Rice Exempted from Stock Holding Limit Under the Essential Commodities Act
The Commerce and Industry Minister Shri Anand Sharma has welcomed the Order issued by Department of Consumer Affairs to exempt stocks of edible oil, edible oilseeds and rice meant for export from the stock holding limit under the Essential Commodities Act. The exporters have been demanding that they should not be subjected to stock holding limit prescribed under the Essential Commodities Act, if they have merchandize stocks of such commodities meant for exports.
The DGFT had taken up this matter with the Department of Consumer Affairs. The Department of Consumer Affairs have issued Removal of (Licensing requirements, Stock limits and Movement Restrictions) on Specified Foodstuffs Order, 2002 on 9th January 2014.
This will address the long felt need of such exporters and reduce their transaction cost.