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Feb
10

Centre notified stockholding limit for sugar mills

To curb excess sugar in the market, Centre has capped the quantity of sugar that mills can release in the market in February and March. An official notification has been released today in this regard. The move is aimed to curtail the fall seen in sugar prices from last few months. The order has come days after the government hiked import duty on sugar to 100 percent mainly to check shipments from Pakistan, which gives subsidies to exporters. According to the new notification, sugar mills have to hold, at the end of February, 83 per cent of sugar stock they had by 31 January and at end of March, retain 86 per cent of the stock they had on February 28, the notification said. Sugar production in the current sugar season 2017-18, beginning November last year, is projected to be 25.1 million tonnes, 30 per cent higher than the previous season.