The Union go🐻vernment on Tuesday exempted customs duty and agricultural cess on yearly import of 20 lakh metric tonnes of crude soyabe🌠an and sunflower oil till March 2024 to ease their selling prices.
In April, the edible oil inflation remained in double dig🅷its for the♌ 29th consecutive month, as per a report.
The Union go🐻vernment on Tuesday exempted customs duty and agricultural cess on yearly import of 20 lakh metric tonnes of crude soyabe🌠an and sunflower oil till March 2024 to ease their selling prices.
The step has been taken amid record inflation as India's wholesale price index-based inflation🌞 rate rose to the highest level in✱ the current 2011-12 series at 15.08 per cent in April, according to Business Standard.
Inꦓ April, the edible oil inflation remained in double digits foꦗr the 29th consecutive month, as per the BS report.
"Provisions for allocation of tariff rate quota (TRQ) for 20 lakh MT of crude soybean oil and 20♌ lakh MT of crude sunflower oil for 2022-23 𓃲and 2023-24 has been notified," said the Director General of Foreign Trade (DGFT) in a public notice.
The TRQ is a quota for a volume of imports — 20 lakh MT in this case — that will enter India at specified or ni🅘l duty — zero duty in casae of soyabean and sunflower oil after Tuesday's notification. However, normal tariff wou🐎ld apply to additional imports after the quota is reached.
Last week, the Centre reduced the exc🌠ise d🎉uty on petrol and diesel to ease the financial burden on 🅠consumers reeling under high petroleum prices. The Centre also took steps to reduce consumer prices of plastic🍸 products, iron, and steel, and to increase the availability of cement.
Union Finance Minister Nirmala Sitharaman also announced a subsidy of Rs 200 per gas cylinder to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yoj𒆙ana, applicable on up to 12 cyli💞nders.
(With PTI inputs)