SEA demands ban on refined palm oil, monitoring of illegal shipments

Image
Press Trust of India New Delhi
Last Updated : May 11 2020 | 3:14 PM IST

Edible oil trade body SEA on Monday asked the government to ban import of refined palm oil, fix tariff value on sunflower oil and monitor illegal shipments from Nepal, Bangladesh and Sri Lanka to protect local processing industry.

The Solvent Extractors Association of India (SEA) flagged the issues in a meeting with Food Secretary Sudhanshu Pande through video conferencing.

In a statement, SEA said it informed the government about the need to ban import of refined palm oil from Malaysia and Indonesia at a time when domestic refining capacity is lying idle, going against the clarion call given by Prime Minister Narendra Modi for 'Make in India'.

"It remains a mystery how import licences get issued to some favoured companies making a mockery of the concept of 'Make in India'.

"With coronavirus driven prospects of job losses looming, it is imperative that refined oil imports are totally banned forthwith," the SEA said in the statement.

The industry currently has capacity to refine over 1.5 million tonnes monthly crude palm oil and supply RBD Palmolien/refined palm oil to meet the domestic demand, it said.

The trade body also stressed on the need to fix monthly tariff value to check import of sunflower oil, as is the case with palm and soya oils.

"This will ensure a level playing field in case of sunflower oil imports."

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 11 2020 | 3:14 PM IST

Next Story