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Wednesday, Aug 16, 2006

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Sattur Chamber hails duty cut on palmoil

Our Bureau

Madurai, Aug. 15

Sattur Chamber of Commerce and Industry has welcomed the announcement of the partial customs duty reduction on crude palmoil and crude palmolien from 80 per cent to 70 per cent and other factions of crude palm oil, from 90 per cent to 80 per cent with immediate effect. In a letter addressed to the Prime Minister Dr Manmohan Singh, the chamber secretary, Mr P.T.K.A. Balasubramanian, said due to the international price rise of palmoil, India was compelled to raise the palmoil price abnormally. The rate of refined palmolein oil was raised to Rs 730 for 15 kg tin in the market. To recover from the abnormal price increase and to satisfy the public, a partial customs duty reduction has been announced through joint secretary of Central Board of Excise and Customs. Due to duty reduction, palmoil rate will be reduced by Rs 3 per kg benefiting crores of people, he added.

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