Archive for the Cashew News Category

‘With in the State Trade’ & Imports will Suffer After the GST

Current VAT rate is 5 to 5.5 percent in the manufacturing region. It will become 12% after 40 days! So, processors and traders should share the 6.5 to 7% extra burden! Inter state trade now attracts 5 to 5.5 percent VAT on raw cashew in the manufacturing region, plus 2% CST (Central Sales Tax) during […]

No Comments

12% GST Slab for Cashew

Finally, the GST rates are announced. Dry fruits and cashew are under 12% Tax slab. Importers have to pay the basic customs duty and the GST during the import release from July 1, 2017 onwards. The negative impact of the GST rate will be on sellers who sell with in the state. Interstate traders may […]

No Comments

Export Market Nears Rs10000/W320/11.340 Kilo/Including All Subsidies & Benefits

Large scale exporters get $5.10/pound/W320, which is equal to Rs8200 according to current exchange rate. If we add 9.36% import duty, it becomes Rs8967. Import duty is zero under Advance Authorization scheme. VAT exemption or refund is 5-5.5%. 8967 + 5.5% = 9460. Then there is a small subsidy on exports and also some kind […]

No Comments

Indian Buyers Slow in Following Export Trend

Exporters are the bulk buyers despite the Ramadan festive month will begin on Friday, 26 May. Their price is ₹8400+VAT/W320/11.340 kilo/Without Packing/Goa-Mangalore. Indian domestic buyers are buying W400, SSW, DW, Splits and Pieces in large quantity. But in the W320 grade, their interest is only in small quantity.

No Comments

W320 Towards $5/Pound : This Time Exporters should Thank Rupee Appreciation

Usually, exporters make lobbying for the currency depreciation. They earn more in the exchange market when their domestic currency decreases in value against the US Dollar. But this time the trend has reversed. Kernel exporters are getting more than proportionate increase in the unit price.  Indian origin W320 is moving above $4.90/Pound.

No Comments

Wholes Dull but LWP Pieces Active

Despite slowdown in the kernel production, once again there is no bulk buying in the wholes category. North Indian buyers think that the best decision in the non essential group of commodities is possible, only when the govt ends suspense over the GST rate structure. Summer demand is on rise for splits and pieces but supply […]

No Comments

Workers Attendance Problem Results in Kernel Shortage

Workers attendance is below 50% in most cashew factories in India on account of severe summer. Some processors are forced to give holidays where the attendance is not at all adequate to run the industry. Premium W320 is trading around Rs9000/11.340 kilo/inclusive of VAT/Goa-Mangalore. Price gap between W240, W320 and W400 has narrowed to Rs50/kilo […]

No Comments

W320 Back to Normal but Difference Narrows Between W240 and W320

F.O.B price of W320 is moving around $4.80/pound/India/immediate shipment. The price increase is proportionate to the current Rupee appreciation. This increase is more beneficial to the Vietnamese and Brazilian exporters as there is no big variation in their currency value. Exporters buying rate of Premium W320 is again Rs8200+VAT/11.340 kilo/ without packing/Goa-Mangalore. However, there is no […]

No Comments

Panic is the Final Result When Cashew Harvest Becomes a Massive Flood

Panic in the Indian raw cashew is not because of a sensational news from Jharkhand. According to some media reports, current raw nut price in Jharkhand is below Rs2o/kilo. However, Jharkhand accounts for only 1% of the Indian harvest. in some regions, there are no buyers for raw cashew even if the price is below Rs120/kilo/25% kernel yield. Small scale […]

No Comments

Rupee Appreciation Shocks Indian Cashew Trade

Exporters buying interest is on decrease as there is no stop to the continuing Rupee appreciation.Their rate for premium W320 is ₹7800+VAT/without packing/11.340 kilo/Goa-Mangalore. North Indian buyers are now in a wait and watch mode as there is no competition from domestic exporters. The Rupee appreciation usually delays a fall in the raw cashew market. However, […]

No Comments

Summer Demand Begins in Splits and Pieces.

Wholesalers are back in the Indian splits and piece grades with the anticipation of better retail sale from April onwards. Supply should tally with the usual summer demand, especially for the wedding, holidays and ice cream season. Thereafter, the Ramadan festive purchases will begin. Import of cashew kernel is now unworkable due to 45% duty. Jumbo […]

No Comments

Fixing Each Commodity Under A Suitable GST Slab Not Possible Till April

Roll-out date of GST in India is July 1, 2017. Finance minister thinks that there is enough time for each and every change, including the most important GST rate fixing under already agreed slabs. So he thinks that the issue of bringing commodities under different brackets will be considered only after March 31.  

No Comments

Activity Improves in West Africa as Rupee Appreciation Continues.

Indian processors have started bulk purchases in West Africa because of the favorable exchange market. Their purchase price is above $1650/Ton/c&f in Ivory Coast and around $1850/Ton/c&f in Benin. There is no such appreciation inVND.      

No Comments

Firm Trend in Cashew Kernel Despite Fiscal Year-end Problems

Buyers entry in the Indian cashew kernel is slowly improving as raw cashew prices are still unworkable to the industry. W320 is moving around Rs.8750/including VAT/11.340 kilo/Goa-Mangalore/under immediate payment terms and around Rs.9000/same quantity/under April 2nd week payment terms. Market is facing usual fiscal year-end problems. This year, domestic raw cashew prices are almost equal […]

No Comments

Soon GST Council will Decide Tax Rates on Individual Commodities

Suspense over the GST rate may finally end during this budget session of the Indian Parliament. Finance ministers from Kerala, Karnataka, Tamil Nadu, Goa, Andhra, Telangana, Orissa, West Bengal  and Maharashtra may join together to bring cashew in the 5% tax slab group. If the combined state council announces 12% tax slab for cashew, then […]

No Comments

Kerala Budget : Rs 30 Crores for Cashew Procurement

Kerala is the most important state for the Indian cashew industry. Expectations were very high about this year’s budgetary sanction for the state cashew sector. However, the sanctioned amount for raw cashew procurement is only Rs 30 crore. This year, cashew farmers are getting most remunerative prices in Kerala. So there is no need of […]

No Comments