India lifts ban on onion export to Bangladesh

The Indian government has withdrawn embargo on onion export to Bangladesh in the wake of movement by the farmers of that country, as they lose out on the taboo.

Available information says the decision was taken in a meeting between the Indian traders and their Commerce Ministry on Tuesday night.

But, India has set a condition that the importers have to open letter of credit (LC) at a rate of 475 US dollars for a tonne of onions, fixed by the Indian National Agricultural Cooperative Marketing Federation (NAFED).

Earlier on September 8, NAFED jacked up the rate for opening LC for per-tonne onions to $475 from $300 before.

Harunur Rashid, convenor of Hili land port raw material importers’ group, said, “Price of onions will come down on local market if India lifted the ban.”

India banned onion exports on September 8, to contain rise in prices on their domestic market.

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