The 'Ban Raj' is back. In an effort to rein in rising inflation, the Centre has banned export of all edible oils from the country.
The government move is a desperate measure to control inflation, which is threatening to take alarming proportions in an election year.
The government fears that of the price rise continues, the present government may lose all the praise it got for a farmer-friendly Budget presented by finance minister P Chidambaram.
Not wanting to create any trouble for the government due to rising inflation, the Centre has decided to stop export of all sorts of edible oils so that the country will not face any supply shortages.
In a notification issued on Monday evening, the Directorate-General of Foreign Trade, an arm of the Commerce Ministry, said the ban, with immediate effect, would be applicable for one year.
Prices of cooking oils witnessed sharp rise during the early part of this month in tune with the global trend,