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).
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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