Financial Daily from THE HINDU group of publications
Saturday, Mar 02, 2002
Agri-Biz & Commodities - Foodgrains
Maize import quota at 15% hiked by 50,000 t
NEW DELHI, March 1
THE Government has permitted imports of an additional 50,000 tonnes of maize at the concessional 15 per cent duty rate under the tariff rate quota (TRQ) regime during the coming fiscal.
For 2001-02, the Government had allowed up to four lakh tonnes of maize to be imported at 15 per cent basic customs duty, with imported quantities beyond this level chargeable to 50 per cent.
But for 2000-02, the aggregate quantity of imported maize chargeable to the lower in-quota duty of 15 per cent has been enhanced by 50,000 tonnes to 4.5 lakh tonnes. Only quantities above this would attract the higher 50 per cent duty.
The Government has currently designated National Agricultural Cooperative Marketing Federation of India Ltd (NAFED), State Trading Corporation (STC), Minerals and Metals Trading Corporation (MMTC) and Projects & Equipment Corporation of India Ltd (PEC) and individual State Co-operative Marketing Federations as entities eligible for availing the TRQ.
The designated agencies are allowed to import only on behalf of actual users. Additionally, cattle feed, poultry feed and starch manufacturers have also been permitted to avail themselves of the quota, with their imports, however, subject to the actual user condition.
Further, since maize imports are under the State Trading Regime (STR), the quota allottees would only be granted an import licence for the allotted quantities, if they do not wish to make the imports through the Food Corporation of India (FCI).
The TRQ regime is a trading mechanism that provides for the application of a customs duty at a certain rate to imports of a particular good up to a specified quantity (the `in-quota' quantity) and at a different rate to imports of the same good beyond the specified quantity.
Apart from maize, the TRQ regime has also been put in place for milk powder, crude sunflower seeds and safflower oil and refined rapeseed, mustard and colza oil. But in these products, there have been no changes announced with regard to the in-quota quantities or duties.
Send this article to Friends by E-Mail
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line