India's rice export curbs trap 1 mln T at ports as buyers refuse to pay duty

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India ships around two million tonnes of rice every month, with large amounts loaded from eastern ports such as Kakinada and Visakhapatnam in Andhra Pradesh state. In similar circumstances, New Delhi has in the past provided exemptions for contracts backed by letters of credit (LCs), or payment guarantees, issued until the day the government made a policy change, said Himanshu Agarwal, executive director at Satyam Balajee, India's biggest rice exporter.

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