Palm oil
Govt extends policy to import refined palm oil at lower duty
New Delhi: The Centre Thursday said it extended a policy, which was due to expire on Dec 30, to import refined palm oil at a lower duty "until further orders”.
A year ago, the government had slashed the basic import tax on refined palm oil to 13.75 percent from 19.25 percent.
This made refined palm oil import lucrative for Indian refiners which usually prefer to import crude palm oil.
India mainly imports palm oil from Indonesia and Malaysia, and soy and sunflower from Argentina, Brazil, Ukraine and Russia.
India also raised the limit for duty-free imports of extra-long staple cotton to 51,000 tonnes for next year from 419 tonnes for 2022.
In 2022, the government also allowed imports of 1,50,000 tonnes of lentils and 34,000 tonnes of almonds at 50 percent of the applied duty under the tariff-rate quota (TRQ).
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
