Business Daily from THE HINDU group of publications
Friday, Jun 16, 2006


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Industry & Economy - Excise and Customs
Agri-Biz & Commodities - Oilseeds & Edible Oil


Govt cuts tariff values for vegoils

Our Bureau

$6/t for palm group; $17 for soya

Chennai , June 15

The Union Government on Thursday cut the tariff values for palm group of oils by $6 a tonne and that of de-gummed (crude) soyabean oil by $17. The cut in tariff values is the second in the month for palm group of oils and in line with the global trend. The value for soyabean oil has been cut after it had been hiked twice by $22 and $19 a tonne.

The tariff value is the base price on which the customs duty for various vegetable oils is worked out. While the effective duty on import of crude soyabean oil is 50.8 per cent, it is 88.8 per cent for palm oils.

With the current revision, crude palm oil tariff value is $424 a tonne, while that for crude soyabean oil is $542.

According to Kotak CSL Reseach, in view of the cut there will be a downward valuation adjustment of Rs 2.35 for 10 kg in case of crude palm oil, Rs 2.65 for 10 kg for RBD palm oil and Rs 3.68 for crude soyabean oil.

On Thursday, crude palm oil for August delivery was quoted at $397 a tonne, down from Wednesday on lower export figures and decline in the soya oil counter. RBD palm oil for the July-September quarter was quoted at $415 a tonne f.o.b. (free on board), and RBD palmolein at $420. In the domestic market, RBD palmolein and crude soyabean oil declined Rs 3 for 10 kg to Rs 397 and Rs 375 respectively.

More Stories on : Excise and Customs | Oilseeds & Edible Oil

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Monsoon revival slightly advanced as pulse builds


Cell majors working on NRI fund transfers via SMS
Muttemwar to visit Germany
Govt cuts tariff values for vegoils
Kuwait signs three agreements with India
Houston keen to expand trade ties
Vijaya Bank ties up with National Insurance
Leadership awards to heart surgeon, educationist
Uppal-Kamath may bag deal for Rly budget hotels
Rlys sends freight corridor proposal to Cabinet
`Right fuel pricing is the only way to efficiency'
Kuwait expects crude to stabilise at $65-70
Info on computing petrol, diesel basic price sought
UP Govt rules out cut in sales tax on petrol, diesel
SSI Ministry refunds to small units for ISO cert rise
States' views sought on liquor import duty
A new institute for aspiring designers
i-flex to support Karnataka educational initiative
Mango processors in a soup over high prices
ESIC to increase wage ceiling for coverage
`Real estate: New route for investments'
New FAPCCI President
Japanese industrial cluster in India soon
AP Govt to provide over Rs 10,000 cr for SHGs
TDS: Due date for e-filing extended
Karnataka Bank chief calls for prompt tax payment
Edible oil imports decline 21%


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, 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