Govt exempts exportable sugar from levy obligation

New Delhi, Feb 8 (UNI) After lifting the ban on sugar exports last month, the Centre has announced exemption of exportable sugar stock from levy obligation to boost its exports.

The quantity of sugar released for export would be treated as advance non-levy (free sale) releases to be adjusted in the free sale stocks of sugar factories after a period of 12 months, an official statement said here today.

The international prices of sugar are low, making export of sugar from India uneconomical. The incentive to sugar factories to undertake export of sugar is meant to increase their liquidity, enabling them to pay for cane in time.

However, the above incentive would not be applicable to exports under preferential quota. Further, the incentives would be given on export of sugar made between January 3 to July 2 under Advance Licence Scheme and January 23 to July 22 for exports under Open General Licence, the statement added.

UNI