The Hindu Business Line : <I>Review of import duty cut on palm oil soon</I>

The Finance Ministry had, on August 11, reduced the basic customs duty on crude palm oil, crude palmolein and other crude fractions from 80 per cent to 70 per cent.

Simultaneously, the duties on RBD (refined, bleached and de-odorised) palm oil, RBD palmolein and other refined palm fractions were slashed from 90 per cent to 80 per cent.

However, in a subsequent notification, dated September 6, it was mentioned that the 10 per cent reduction would be applicable only till October 31. The Government would now have to take a call on whether to extend the facility further or revert to the old duty structure. A decision either way is likely within the next few days.

"Since the peak demand due to Dussehra, Diwali and Id has subsided, we may see status quo being restored. It would help boost price sentiments and encourage more planting of mustard and other rabi oilseeds by farmers", said Mr B.V. Mehta, Executive Director, Solvent Extractors' Association of India.

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Review of import duty cut on palm oil soon