The government said that the food security of India, neighbouring and other vulnerable countries was at risk due to the sudden spike in wheat prices
Read More: SBI dividend announced! Check record date, per share dividend and all you need to know
India has put a ban on the export of wheat with immediate effect, the ministry of commerce said in a notification in a late Friday night notification. The Directorate General of Foreign Trade (DGDT) in the notification dated May 13 has said that the wheat export ban was imposed due to a sudden rise in the price of the food grain in the global market, and was exercised as part of measures to control rising domestic prices. In the order, the government also said the wheat export ban was put into effect to ensure overall food security.
Read More: Reliance Industries is top Indian company in Forbes Global 2000 list
However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the DGFT said in its notification.
