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Govt reduces duty on import of crude palm oil to contain spike in prices of edible oil.


Date: 27-11-2020
Subject: Govt reduces duty on import of crude palm oil to contain spike in prices of edible oil
NEW DELHI: The government on Thursday reduced the basic customs duty (BCD) on crude palm oil to 27.5%, in its bid to increase availability of the edible oil in the domestic market. The current BCD on crude palm oil is 37.5%. 

The reduced rate will come to effect from Friday. The move comes barely a week after the issue of rising process edible oil came up for discussion at a meeting of the Group of Ministers headed by home minister Amit Shah.

The duty cut is likely to help cool off rising edible oil prices. 

Palm oil constitutes over 40% of India's total edible oil consumption. Edible oil is India’s third-largest imported commodity after crude oil and gold. 

Earlier in January, the government had slashed customs duty on crude palm oil from 40% to 37.5% for imports from 

Source:-timesofindia.indiatimes.com

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