Center levies 40% duty on onion export
After tomato, the rising prices of onion have increased the concern of the public. In order to control the prices of onions in the country, the central government has imposed 40% duty on the export.
Till now no tax was charged on its exports. With this step, the government wants to maintain the availability of onions in the country and this will also keep the prices under control. The Finance Ministry has issued a notification saying that export duty on onions has been implemented with immediate effect, which will remain till December 31.
According to government data, onion prices have started rising as its all India retail price on August 10 was ₹27.90/kg, slightly higher than ₹2/Kg in the same period a year ago.
The government currently has 3 lakh tonnes of stock
The government has maintained a stock of 3 lakh tonnes of onions under the Price Stabilization Fund (PSF) to deal with emergencies, to prevent rising prices during low supply seasons.
Apart from this, the government is trying many options to release onion prices in the market, which includes, e-auction of onion, e-commerce as well as through consumer co-operative retail outlets in collaboration with the states, launched onion in the market.
