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Home  »   Current Affairs  »   HSN Code For Rice

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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