India will sell about 2-3 million tonnes of excess rice buffer stocks under the Open Market Sale Scheme (OMSS) to bulk buyers, including millers and traders through e-auctions. The strategic reserves will not be considered for sale. According to the Food Corporation of India (FCI), the body in charge of buffer stocks management, the rice stocks by March were estimated at 15.5 million, which is above the new buffer norms target of 13.5 million and the excess will therefore be sold. The minimum and maximum auction quantity would range from 30 to 3500 tonnes. The rice is expected to be sold at USD 376 per tonne; this price will include Minimum Support Price (MSP) plus the freight cost to destinations from the FCI warehouses. This is the first time India will sell excess rice stocks through the Open Market Sale Scheme, although it has done it for wheat since 2009/10 marketing year (April/March). Before beginning the rice sales through OMSS the measure need to be approved by Ministry of Finance.