India to implement new laws on sale of imported sugar

India will soon change a law that forces sugar millers to sell 10 percent of their output processed from imported raws at low rates, a government statement said on Tuesday.

"The notification to this effect would be issued shortly," it said.

After importing 1 million tonnes of raws, buyers in India, the world's top consumer of the sweetener, have cut purchases in the past two weeks as refiners fear the government could force them to sell 10 percent of their output below cost, trade officials said.

An industry official said the Directorate General of Foreign Trade, an arm of the federal trade ministry, would have to issue a formal notification to change the rule.

"Without a formal notification from the DGFT, the current rule continues," the official said.

source: reuters