Government Mandates Yellow Peas Import Registration to Boost Domestic Supply by March 2024

The Directorate General of Foreign Trade (DGFT) has formally announced the implementation of a restricted import policy and associated conditions, effective from April 1, 2024.

In a significant development, the government has issued a mandate for the registration of yellow peas imports under the Import Monitoring System, to bolster domestic availability. The Directorate General of Foreign Trade (DGFT) has formally announced the implementation of a restricted import policy and associated conditions, effective from April 1, 2024.

Until March 31, 2024, yellow peas importers can benefit from an exemption from charges, provided they promptly register under the Import Monitoring System, according to an official notification. During this exemption period, Minimum Import Price (MIP) conditions and port restrictions will not apply to yellow peas imports, offering a window for importers to navigate the regulatory landscape seamlessly.

Previously, yellow peas imports were subject to an annual quota, coupled with a Minimum Import Price (MIP) of Rs 200 per kg or higher CIF (cost, insurance, freight). The new regulation marks a departure from the previous framework, signaling a strategic move by the government to regulate and enhance the availability of yellow peas within the country.

The Import Monitoring System aims to streamline and monitor the importation of yellow peas, ensuring greater transparency and accountability in the trade process. Importers are now required to register their transactions through the IMS by March 2024 to comply with the updated regulations.

The move comes as part of the government's broader strategy to promote self-sufficiency in agricultural commodities and reduce dependency on imports. By implementing a restricted import policy for yellow peas and introducing conditions through the IMS, authorities aim to strike a balance between meeting domestic demand and safeguarding the interests of local farmers.

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Notably, the importation of yellow peas was confined to the Kolkata Seaport. However, the latest policy changes indicate a broader scope for importers to explore alternative ports and avenues for trade. As of April 1, 2023, India had imported yellow peas valued at USD 2022.23 lakh from Russia, reflecting the significance of this commodity in the country's trade landscape.

This regulatory shift aligns with the government's strategic vision to promote self-sufficiency and regulate imports in a manner that benefits domestic agricultural production. By leveraging the Import Monitoring System, authorities aim to monitor and manage the inflow of yellow peas effectively, ensuring a balance between meeting domestic demand and safeguarding the interests of local farmers.

Importers are urged to familiarize themselves with the new guidelines and take advantage of the exemption period before the April 1 deadline.