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videos | IST

Govt slashes import duty on refined palm oil to 12.5% to cool retail prices; experts weigh in

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With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmoline will come down to 13.75 percent from 19.25 percent, according to Solvent Extractors' Association of India (SEA). The new rate is effective from Tuesday.

Concerned over high prices of cooking oils, the government has reduced the basic customs duty on refined palm oil to 12.5 percent from 17.5 percent till March next year to boost domestic supplies and bring down rates in the domestic retail markets. With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmoline will come down to 13.75 percent from 19.25 percent, according to Solvent Extractors' Association of India (SEA). The new rate is effective from Tuesday.
On Monday, markets watchdog Sebi has banned the launch of new derivative contracts of crude palm oil, moong, wheat and few other agricultural commodities with immediate effect amid rising inflation. With respect to running contracts, no new position will be allowed to be taken and only squaring up of positions will be allowed. The directions will be applicable for one year, Sebi said in a release.
To discuss the implications of these measures, CNBC-TV18 spoke to Siraj Hussain, Former Agriculture Secretary.
Watch video for more.
With text inputs from PTI.