India removes minimum import price for yellow peas.

India on Friday removed the minimum import price for yellow peas and allowed shipments duty-free until March 31, 2024, to boost the supply of pulses and keep prices under check.

‘Import of Yellow Peas… is ‘Free’ subject to registration under the Import Monitoring system with immediate effect for the period up to March 31, 2024,’ the Directorate-General of Foreign Trade (DGFT) said in a notification.

MIP condition and port restrictions shall also not apply ot such Yellow Peas imports till then.

India imported $0.14 million worth yellow peas in FY23- all from Russia.

Till now, Yellow Peas imports were restricted and the import required an annual quota, MIP of Rs 200 and above CIF per kilogram, and restriction to Kolkata Sea port. Import restrictions did not apply to government commitments under bilateral or regional agreements or Memoranda of Understanding.

‘All Yellow Peas imports until March 31, 2024, require compulsory registration under the Import Monitoring System. Procedures for prior registration of Yellow Peas consignments will be separately notified,’ DGFT said.

As per the notification, import consignments with customs out-of-charge issued after March 31, 2024, will not enjoy the ‘Free’ status. Starting April 1, 2024, the previous ‘Restricted’ import policy and associated conditions would be reinstated, it said.

This article has been republished from The Economic Times.