Reduction In Oilseeds Import Duty To 15% Demanded

The Central Organisation for Oil Industry and Trade has urged the Centre to restrict the bound rate of 45 per cent on soyabean oil to imports of non-genetically modified oil only or limit their imports by application of a proper Tariff Reserve Quota (TRQ).

The organisation has also asked for a reduction in import duty on oilseeds to 15 per cent as the oil industry is suffering from large unutilised capacity alongwith withdrawal of the reduction in customs duty on crude sunflower, safflower, mustard and rapeseed oil. It has also demanded restoration of import duty on crude palm oil and its fractions of edible oils to the Budget levels.

In its pre-budget memorandum, COOIT executive secretary KML Chabbra said the industry has been requesting an upward revision of bound rate of 45 per cent on soyabean oil due to surging imports.