Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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The Indian Tea Association announces [in London] that the Food Ministry has arranged that licences shall be freely issued for private import of tea provided that no portion of the tea is sold for home consumption and at least fifty percent of importations are offered to Food Ministry. Subject to grades, FOB prices will be as follows: India and Ceylon will be equivalent to present contract prices. Java Sumatra and Nyassa land will be analogous to Indian contract prices. China and Formosa prices will be determined by Food Ministry in consultation with the trade within the limits of eight pence for fair common leaf to two shillings for the finest tea at the present rate of exchange on the basis that FOB costs and prices will be paid by Food Ministry for their purchases of three million pounds. Tea not taken by the Ministry will be free for re-export without limitation of price subject to export restrictions. Quantities of tea which are at present available for re-export to blockaded countries are very small.
Source : https://www.thehindu.com/todays-paper/tp-opinion/tea-trade-in-england/article25894515.ece
