Import duty on refined edible oil hiked to 10 percent

New Delhi, Jan 9 : The Cabinet Committee on Economic Affairs (CCEA) Thursday cleared a food ministry proposal to raise the import duty on refined edible oil from the current 7.5 percent to 10 to help domestic refiners.

Solvent extractors have been seeking a hike in import duty on refined oils to at least 12.5 percent, arguing that the duty differential with crude vegetable oils is not large enough to discourage cheaper inflows of refined oils from overseas.

India, the world's largest edible oil buyer, imposed a 2.5 percent import duty on crude vegetable oils last year. However, since major exporters such as Indonesia and Malaysia offer duty incentives on supplies of refined edible oils to promote their local refiners, Indian buyers have cut down on buying of crude edible oils and are increasingly opting for refined oils.

India produces 9 million tonnes of edible oil, while the consumption is around 20 million tonnes. The rest is met through imports.

In the 2012-13 fiscal, the country imported Rs.61,273 crore worth of edible oils.

The decision is expected to fetch Rs.600 crore revenue to the government.

--IANS (Posted on 09-01-2014)

business-india-news headlines

Pay outstanding salaries to pilots: High Court to Kingfisher

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

AGP launches talent division

Hotel Sahara Star honoured with award

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top