PEC Limited was nominated as the canalizing agency for import of 500,000 MT Maize under the TRQ (at zero duty, with Actual User Condition) for the year 2015-16. The mandate to import had been accorded to PEC Limited in view of the market scenario that saw low and expensive arrivals, and in some cases, unviable items for the starch and feed industry (both poultry and cattle feed), leading to losses in the industry. To cater to the requirements of the local industry, therefore, PEC Limited imported almost 2.3 lac MT non-GMO yellow maize from Ukraine in the period of Jan-Mar 2016, meeting specifications. Maize attracts 50% duty on imports, and imports at zero duty under the tariff-rate quota (TRQ) are allowed only through state-trading enterprises (STE’s). The imports were done through global tenders to realise the lowest possible prices of the Indian consumers, and with strict requirements for adherence to the GOI’s phytosanitary rules.
In the years of surplus stocks, PEC Limited has also extended credit facility facilities to local associates for aiding in domestic procurement and exports, thus playing a crucial role in both import and export of Maize.