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Basmati exports from India on credit banned

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Basmati rice exports are likely to be affected temporarily by a ban on their export on credit. The Agricultural and Processed Food Products Export Development Authority (Apeda) has restricted exporters from shipping basmati on credit, known as ‘document against acceptance’ in trade parlance.

However, exports which are covered either by bank guarantee or Export Credit Guarantee Corporation can be carried out.

“Indian exporters used to export basmati in good faith after negotiating a final price. But importers have occasionally refused to accept the consignments, leading to re-negotiated prices. Apart from that, payment was sometimes hugely delayed,” said Gurnam Arora, joint managing director, Kohinoor Foods.

Apeda estimates India’s basmati rice exports increased 10 per cent to 1.55 million tonnes during April-July from the same quarter a year ago. In value terms, however, exports fell to $1.21 billion (Rs 8,140.06 crore) from $1.32 billion (Rs 8,399.39 crore).