2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$ 850
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$ 650
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$ 920
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$ 550
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Detailed explanation-1: -The Government has notified Minimum Export Price (MEP) of onion at USD 850/MT to ensure domestic availability of onion and to discourage cheap export from the country.
Detailed explanation-2: -Minimum Export Price (MEP) is the price below which an exporter is not allowed to export the commodity from India. MEP is imposed in view of the rising domestic retail / wholesale price or production disruptions in the country. MEP is a kind of quantitative restriction to trade.
Detailed explanation-3: -India exports most of it’s Onion to Sri Lanka, Malaysia and United Arab Emirates and is the largest exporter of Onion in the World. The top 3 exporters of Onion are India with 556, 862 shipments followed by China with 40, 042 and Ethiopia at the 3rd spot with 35, 976 shipments.
Detailed explanation-4: -But it is the Finance Ministry, and not the Commerce Ministry, that will take the decision to impose or vary the rate of duty. For such action, the Finance Ministry will have to consider all sensitivities relating to export of essential and politically touchy commodities like onion.