India govt cuts export obligation period for maize to 3 months.

The government has reduced the export obligation for maize imported under Advance License to three months. Earlier, the export obligation period for maize was 18 months from the date of authorisation. The export obligation period has been reduced to check the diversion of imported maize. People were diverting the imported maize to domestic markets and exporting the products manufactured from poor quality grain produced locally. The Advance License enables duty free import of inputs, which are physically incorporated in the export products, and mandates the export of the processed goods within the obligation period.