India allows broken rice exports backed by already issued LCs- govt source
MUMBAI, Oct 12 (Reuters) - India will allow overseas broken rice shipments of 397,267 tonnes backed by already issued letters of credit after a sudden ban on exports of the grain prevented exporters from loading cargoes, a government source said Wednesday.
On Sept. 8, India banned exports of broken rice as the world's biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.
The surprise move trapped nearly 1 million tonnes of rice that was moved to the ports or was in transit before the government made the announcement. (Reporting by Rajendra Jadhav; Editing by Kirsten Donovan)
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