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Price cut likely for levying duty on edible oils
By Our Special Correspondent
NEW DELHI,
SEPT. 14.
In yet another step to curb inflationary pressures on the economy, the Government today decided to reduce the base price on which import duty is levied for edible oils. As the base price of edible oils is now higher than prevailing world prices, imported edible oils are costlier for the domestic consumer.
According to the Finance Minister P. Chidambaram, the tariff value or base prices will be adjusted and the new rates will be announced tomorrow. He was speaking after a meeting held by the Prime Minister Manmohan Singh, which was also attended by Commerce and Industry Minister Kamal Nath.
Mr. Chidambaram also said the broad principles for fine-tuning the Duty Entitlement Passbook scheme for the remaining part of the current fiscal were agreed upon at the meeting. He said the details would be worked out tonight and announced tomorrow.
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