Govt source says Davangere Sugar surrenders raw sugar import quota.

Davangere Sugar Co Ltd has surrendered the quota allocated to it by the Directorate General of Foreign Trade for import of raw sugar. The company, which has a refining capacity of 500 tonne per day, had applied for 20,000 tonne raw sugar import. The Directorate General of Foreign Trade, however, allocated 6,190 tonne raw sugar to the company. Davangere (Sugar) had opted out of the quota on Sep 14, and licence has not been issued to it. If an applicant fails to bring in sugar after obtaining a licence, they would have to pay a penalty of 0.5% of the value of the unutilised quota.