Govt exempts duty on import of crude soyabean oil, sunflower seed oil – World News Network

Date:

Share post:

New Delhi [India], May 11 (ANI): The government has exempted customs duty and agricultural infrastructure and development cess levied on crude soyabean oil and crude sunflower seed oil, subject to the conditions of tariff rate quota authorisation (TRQ). The nil customs rate will be applicable from May 11 till June 30.
The notification from the finance ministry released on Wednesday said this would apply to both degummed and non-degummed soyabean oils.
TRQ refers to the tariff rate quota, which is the volume of imports that come into India at a specific or nil duty. However, upon achieving the quota, the normal tariff applies to additional imports.
Earlier, the government discontinued imports of crude soyabean and sunflower seed oils under TRQ in January and March, respectively.
The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices.
India is the world’s second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its requirement through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
In line with the prevailing global markets to benefit the consumers, an Indian edible oil industry body issued an advisory to its members appealing to reduce the retail and wholesale prices.
“Members have responded favourably and started announcing a further reduction in MRP and wholesale price of edible oils of their brands,” the apex industry body The Solvent Extractors’ Association of India said in a release on May 5.
India majorly consumes mustard, palm, soybean, and sunflower-derived edible oils.
Earlier, the industry body had a meeting with food and public distribution secretary Sanjeev Chopra to discuss the prevailing edible oil prices. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Pakistan Tehreek-e-Insaf to hold nationwide protests against rigging in polls on March 2 – World News Network

Pakistan Tehreek-e-Insaf (PTI) has decided to hold a protest on March 2 against the alleged rigging in the elections held on February 8.

Mauritius committed to conserving marine park around Chagos Archipelago: Pravind Jugnauth – World News Network

Pravind Jugnauth made the remarks while attending a workshop on the creation of a zone to protect the marine environment around the Chagos Islands at the Intercontinental Resort in Balaclava.

India, Germany discuss bilateral security and defence issues – World News Network

The two sides discussed a range of bilateral security and defence issues, with a focus on developing the defence cooperation as a key pillar of the Strategic Partnership between India and Germany.

IAF Chief VR Chaudhari calls on Bangladesh PM Sheikh Hasina, conveys best wishes for her tenure – World News Network

Air Chief Marshal VR Chaudhari, the Chief of the Indian Air Force, called on Bangladesh Prime Minister Sheikh Hasina and congratulated her on winning a fresh mandate, further conveying best wishes for her tenure.

Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More