'No decision on import duty on edible oils after Oct 1'
The finance ministry said on Friday that no decision has been taken on import duty on edible oil after October 31, ’06.
By TNN & Agencies |
NEW DELHI: The finance ministry said on Friday that no decision has been taken on import duty on edible oil after October 31, ’06.
“Such decisions are taken before the expiry of the time limit for which a particular rate applies, and as of now, no decision has been taken about the level of import duty on edible oils beyond October 31, ’06,” an official statement said.
The government has been looking into the price situation of various essential commodities and taking steps through reduction in import duty rates to ensure that the prices do not go up.
In all cases of such time-bound notifications, the government reviews the need for continuing or otherwise of the present concessional import duty rates beyond the specified period, by looking into the demand supply position as well as price movement, both domestic and international, it said.
The government had, in August ’06, cut import duty on crude palm oil, crude palmolein and other fractions of crude palm oil from 80% to 70%. It had also cut the import duty on refined bleached deodorised (RBD) palm oil, RBD palmolein and other refined palm oils from 90% to 80% and a notification issued subsequently said the concessional rates are valid till October 31.
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The government said that it was looking into the price situation of various essential commodities and also taking steps through reduction in import duty rates to ensure that the prices do not go up. “In all cases of such time bound notifications, government reviews the need for continuing or otherwise of the present concessional import duty rates beyond the specified period by looking into the demand-supply position as well as price movement, both domestic and international,” it said.
The government said that such decisions are taken before the expiry of the time limit for which a particular rate applies, and as of now, no decision has been taken about the level of import duty on edible oils beyond October 31, ’06.
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