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Notification to scrap import duty on soya oil issued |
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28/03/2009 |
| The Finance Ministry has scrapped the 20 per cent Customs duty on crude soyabean oil to bring it on par with palm oil and help in reducing edible oil prices.
A notification to this effect was issued on March 24, a spokesperson for the Central Board of Excise and Customs (CBEC) said.
The Union government on November 18, 2008, imposed an import duty of 20 per cent only on crude soyaoil while leaving the duty structure of other varieties of edible oils unchanged to prevent prices from falling sharply downwards during the kharif harvest season.
This move of the Finance Ministry has ended all doubts about the roll-back of Customs duty. The Commerce Secretary, Mr G. K. Pillai, had recently announced that the Customs duty had been scrapped, leading to some confusion as the requisite notification by the Finance Ministry did not follow.
Edible oil prices, both in local and international markets, have been steadily falling since August 2008 because of drop in crude oil prices and also declining demand on account of the global recession. Edible oil prices have dropped by more than 50 per cent since reaching their peak in May 2008.
Earlier, the Solvent Extractors’ Association of India (SEAI) had expressed concern over the delay in issuing the notification. |
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