Breaking News-RTRS-UPDATE 2-India scraps basmati export tax, cuts floor price

NEW DELHI, Jan 20 (Reuters) - India has scrapped its export tax on basmati rice and cut the floor price for overseas shipments, the trade minister said, as the government cautiously lifts controls imposed last year to ensure domestic supplies.
A panel of ministers decided to cut the export tax to $1,100 per tonne from $1,200 per tonne, but did not impose an expected tax on crude palm oil imports, Kamal Nath told reporters late on Tuesday.