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HSN Code For Rice

February 14, 2024

GS Paper III Indian Economy

Context:

The Commerce and Industry Ministry is expanding the rise classification under HSN code to limit export curbs.

This initiative will exclude non Basmati rice from export curb because India is not likely to ban the rice variety being consumed in domestic market.

World Customs Organisation

Global organization that represents and serves the interests of customs administrations worldwide.
Established in 1952.
Total representation: 185 customs administrations across the globe that collectively process 98% of world trade.
India has been a member of the WCO since 1971.

What Is HSN Code?

HSN code stands for Harmonized System Nomenclature.
It is a globally recognized system for classifying and identifying traded goods.
It is a 6-digit uniform code introduced for the systematic classification of goods all over the world. It first came into effect in 1988.
Developed by: the World Customs Organization.
Objective: In rice, HSN code is used to differentiate specific types of rice.
Geographical Indications (GI): India is developing separate HSN codes for GI tagged rice varieties.

Significance of HSN Code For Rice Import/Export Duties:

HSN codes crucial for determining import/export duties, ensuring fair trade practices.
Government agencies track rice trade patterns and trends using HSN codes, assisting in formulating agricultural policies and estimating crop yields.

Also Read: GI Tag Product Of 2024: State-wise List

News Source: The Hindu

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