Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Explain how import duty cut on two edible oil varieties will help boost supply: Govt to industry bod.


Date: 12-07-2022
Subject: Explain how import duty cut on two edible oil varieties will help boost supply: Govt to industry bod
New Delhi: Amid demands for reducing import duty on rice bran oil and olive pomace oil, the government has asked edible oil associations to explain how the move will help boost domestic availability. According to official sources, Food Secretary Sudhanshu Pandey has written to the Solvent Extractors Association of India (SEA), Indian Vegetable Oil Producers Association (IVPA) and Soybean Processors Association of India (SOPA) in this regard.

"...industry may give a written representation on how the reduction in the duty structure of rice bran oil and olive pomace oil will help to increase the availability of edible oils in the country," the letter said.

The letter comes following a meeting on July 6 on the availability of edible oils and price situation in the country. In that meeting, the government had directed the industry associations to reduce the maximum retail price (MRP) by up to Rs 15/litre and pass on the fall in international prices to consumers.

Apart from promising to reduce the MRP of imported edible oils, the industry associations had in that meeting urged the government to reduce the import duty on rice bran oil and olive pomace oil, in line with crude soybean oil and crude sunflower oil, in order to increase the domestic supply.

"There is demand for rice bran oil and olive pomace oil in the country. Reduction in duty will help import of at least 15,000 to 20,000 tonne of these two cooking oils," SEA Executive Director B V Mehta told PTI.

On May 24, the government had allowed duty-free import of 20 lakh tonnes of crude soybean oil and crude sunflower oil each under the tariff rate quota (TRQ) system for 2022-23 and 2023-24 with an aim to increase supply and moderate domestic prices.

TRQ is a quota for a volume of imports that will enter India at specified or nil duty. After the quota is filled, the normal tariff applies to additional imports.

The associations have also been asked to direct edible oil makers which have not reduced MRP to reduce the same, sources said. They have also been asked to involve themselves in the methodology of price collection of edible oils for the benefit of both the industry and government.

India meets 60 per cent of its edible oil requirement through imports.

Source Name:-Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025

Date: 30-04-2025
Notification No. 27/2025-Customs
Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025.

Date: 30-04-2025
Notification No. 28/2025-Customs
Seeks to amend Notification no. 27/2011-customs dated 1 st March, 2011 and Notification No. 22/2024-Customs, dated 2 nd April, 2024 to align them with the changes made in the Second Schedule to the Customs Tariff Act.

Date: 30-04-2025
Notification No. 33/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 28-04-2025
Notification No. 24/2025-Customs
Seeks to amend List 34A and 34B of the Notification No. 50/2017-Customs dated 30.06.2017

Date: 24-04-2025
Notification No.31/2025-Customs (N.T.)
Goods Imported (Conditions of Transshipment) Regulations, 2025

Date: 23-04-2025
Notification No. 28/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 17-04-2025
Notification No. 26/2025 – Customs (N.T.)
Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of rate of duty drawback of Gold jewellery and silver jewellery/articles



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001