The Union government on Tuesday exempted customs duty and agricultural cess on yearly imp🌌ort of 20 lakh metric tonnes of crude soyabean 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 ser💯ies at 15.08 per cent in April, according to Business Standard.
In April, theꦕ edible oil inflation remained in double digits for 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 l𝓀akh MT of crude sunflower oil for 2022-23 and 2023-24 has been notified," said the Directo൩r 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 nil duty — zero duty in casae of soyabean and sunflower oil after Tuesday's notification. However, normal tariff would apply to add𒁃itional imports after the quota iꦓs reached.
Last week, the Centre reduced the excise d𓄧uty 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 ℱcement.
Union Finance Minister Nirmala Sitharaman also announced a subsidy of Rs 200 per gas cylinder to over 9 crore beneficiaries of 🐓Pradhan Mantri Ujjwala Yojana, applicable on up to 12 cylinders.
(With PTI inputs)
