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Govt cuts import duty on wheat, potato & palm oils

Central Board of Excise and Customs said import duty on potatoes has been reduced from 30 per cent to 10 per cent till October 2016

The Centre on Friday cut on and to 10 per cent while reducing it by 5 per cent on as well as refined palm oils, to boost supplies and check prices during the upcoming festival season.

In a notification, the said on potatoes has been reduced from 30 per cent to 10 per cent till October 2016.

The on has been reduced from 25 per cent to 10 per cent till February 2017.

The government reduced on palm oil from 12.5 per cent to 7.5 per cent for palm oil of edible grade, and from 20 per cent to 15 per cent for refined palm oil of edible grade.

In case of wheat, the government has reduced the despite higher domestic production at 93.50 million tonnes in the 2015-16 crop year (July-June).

The food ministry had proposed the cut in as its procurement dropped sharply to 22.9 million tonnes this year, raising concerns about the domestic availability.

The flour millers had demanded withdrawal of the citing 5 million tonnes shortfall in the domestic output.

Hailing the decision, Roller Flour Millers Federation of India Secretary Veena Sharma said: "This will improve the supply and check price rise."

Concerned over rising retail prices amid production shortfall, the government reduced the on potatoes to improve the domestic availability.

According to the official data, output has declined by 9 per cent to 43.7 million tonnes in 2015-16 crop year (July-June) compared with 48 million tonnes last year.

Edible oil industry body (SEA) opposed the cut on refined palm oil.

"Edible oil is not contributing to inflation. However, if the government was so much concerned, it should have reduced only on palm oil and not refined palm oil," Executive Director B V Mehta told PTI.

He said higher duty difference between and refined palm oil would have encouraged domestic refining.

India is heavily dependent on import of cooking oils and is all set to import record 15 million tonnes in the current 2015-16 oil year ending October.

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Business Standard

Govt cuts import duty on wheat, potato & palm oils

Central Board of Excise and Customs said import duty on potatoes has been reduced from 30 per cent to 10 per cent till October 2016

Press Trust of India  |  New Delhi 

Govt cuts import duty on wheat, potato & palm oils

The Centre on Friday cut on and to 10 per cent while reducing it by 5 per cent on as well as refined palm oils, to boost supplies and check prices during the upcoming festival season.

In a notification, the said on potatoes has been reduced from 30 per cent to 10 per cent till October 2016.

The on has been reduced from 25 per cent to 10 per cent till February 2017.

The government reduced on palm oil from 12.5 per cent to 7.5 per cent for palm oil of edible grade, and from 20 per cent to 15 per cent for refined palm oil of edible grade.

In case of wheat, the government has reduced the despite higher domestic production at 93.50 million tonnes in the 2015-16 crop year (July-June).

The food ministry had proposed the cut in as its procurement dropped sharply to 22.9 million tonnes this year, raising concerns about the domestic availability.

The flour millers had demanded withdrawal of the citing 5 million tonnes shortfall in the domestic output.

Hailing the decision, Roller Flour Millers Federation of India Secretary Veena Sharma said: "This will improve the supply and check price rise."

Concerned over rising retail prices amid production shortfall, the government reduced the on potatoes to improve the domestic availability.

According to the official data, output has declined by 9 per cent to 43.7 million tonnes in 2015-16 crop year (July-June) compared with 48 million tonnes last year.

Edible oil industry body (SEA) opposed the cut on refined palm oil.

"Edible oil is not contributing to inflation. However, if the government was so much concerned, it should have reduced only on palm oil and not refined palm oil," Executive Director B V Mehta told PTI.

He said higher duty difference between and refined palm oil would have encouraged domestic refining.

India is heavily dependent on import of cooking oils and is all set to import record 15 million tonnes in the current 2015-16 oil year ending October.

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Govt cuts import duty on wheat, potato & palm oils

Central Board of Excise and Customs said import duty on potatoes has been reduced from 30 per cent to 10 per cent till October 2016

Central Board of Excise and Customs said import duty on potatoes has been reduced from 30 per cent to 10 per cent till October 2016
The Centre on Friday cut on and to 10 per cent while reducing it by 5 per cent on as well as refined palm oils, to boost supplies and check prices during the upcoming festival season.

In a notification, the said on potatoes has been reduced from 30 per cent to 10 per cent till October 2016.

The on has been reduced from 25 per cent to 10 per cent till February 2017.

The government reduced on palm oil from 12.5 per cent to 7.5 per cent for palm oil of edible grade, and from 20 per cent to 15 per cent for refined palm oil of edible grade.

In case of wheat, the government has reduced the despite higher domestic production at 93.50 million tonnes in the 2015-16 crop year (July-June).

The food ministry had proposed the cut in as its procurement dropped sharply to 22.9 million tonnes this year, raising concerns about the domestic availability.

The flour millers had demanded withdrawal of the citing 5 million tonnes shortfall in the domestic output.

Hailing the decision, Roller Flour Millers Federation of India Secretary Veena Sharma said: "This will improve the supply and check price rise."

Concerned over rising retail prices amid production shortfall, the government reduced the on potatoes to improve the domestic availability.

According to the official data, output has declined by 9 per cent to 43.7 million tonnes in 2015-16 crop year (July-June) compared with 48 million tonnes last year.

Edible oil industry body (SEA) opposed the cut on refined palm oil.

"Edible oil is not contributing to inflation. However, if the government was so much concerned, it should have reduced only on palm oil and not refined palm oil," Executive Director B V Mehta told PTI.

He said higher duty difference between and refined palm oil would have encouraged domestic refining.

India is heavily dependent on import of cooking oils and is all set to import record 15 million tonnes in the current 2015-16 oil year ending October.
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Business Standard
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