The Hindu : Business : Cut in crude palm oil duty sought

Online edition of India's National Newspaper
Sunday, Jul 04, 2004

Business

Business

Cut in crude palm oil duty sought

By Our Special Correspondent

NEW DELHI, JULY 3. The Indian Vanaspati Producers' Association and the Vanaspati Manufacturers' Association under the banner of Vanaspati Consultative Committee has sought reduction in the duty of imported crude palm oil from 70 per cent to a maximum of 25 per cent as prevalent on March 1, 2001 and raise the current customs duty on imported vanaspati from 30 per cent to 70 per cent. In a pre-budget memorandum submitted to the Union Finance and Food and Agriculture Ministries, the committee has said that the import of crude palm oil be only permitted to the vanaspati industry against actual user provision to check `malpractices'.

The committee also urged the Government to plug loopholes in the import procedure and the duty structure and raise the vigilance level to deter sale of non-edible fats (stearin) which is produced through fractionation of crude palm oil and gets diverted as counterfeit vanaspati. To check the threat of imports from the neighbouring countries, the vanaspati manufacturers have sought the current duty of 30 per cent on vanaspati/hydrogenated fats be raised to 70-75 per cent.

The manufacturers demanded that the excise duty on vanaspati be brought on a par with that of refined oils.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section

Cut in crude palm oil duty sought

DPC tangle: lenders working towards settlement

T-bills auction

Forex reserves decline

Liberty Shoes net up

Agriculture, corporate sector partnership sought

LGF Services ties up with Oriental Insurance

Archies aims 15 p.c. jump in profit