(1) By 31st December every year, the Board shall recommend for the consideration of the Central Government the minimum prices which in its view should be fixed for the next year for the export of Virginia tobacco as well as for such other varieties of tobacco which have an export prospect.
(2) In recommending the said minimum export prices, besides such other matters as may be considered relevant the Board shall take into consideration the following matters, namely –
(i) surplus available from the previous crops and the size of the new crop;
(ii) total assessed demand for home consumption and for exports;
(iii) average FOB unit value realisation, quality-wise during the last twelve months and the trend of prices during the last three months;
(iv) change in the cost of cultivation;
(v) desirability of ensuring a fair and remunerative return to the growers consistent with the need to make the minimum export prices attractive enough to take care of the entire exportable surplus.
(3) The recommendations of the Board shall be accompanied by a detailed analysis of the data taken into consideration in arriving at those recommendations indicating also the manner in which the said recommended prices have been worked out.
(4) If and when, in the opinion of the Board a situation develops warranting the revision of the said minimum export prices during the course of the year, or when so desired by the Central Government the Board shall make special recommendation to the Government for its consideration, over and above the annual recommendation referred to in sub-rule (1).