India tightens curb on import of refined palm oil
Business | April 13, 2020 17:39 ISTIndia on Monday tightened the curbs on import of refined palm oil by putting more conditions for the inbound shipments of the commodity.
India on Monday tightened the curbs on import of refined palm oil by putting more conditions for the inbound shipments of the commodity.
India announced the restrictions on imports of refined palm oil on January 8 in a bid to help domestic refiners raise their plant utilisation rates, according to industry officials familiar with the matter. Following India's curb on imports, thousands of tonnes of refined palm oil are delayed or stuck at various Indian ports.
The revenue department on Wednesday imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players.
Mumbai: Indian Palm oil imports are likely to remain at 83 lakh tonnes in the oil year 2013-14 starting from November, as local refiners prefer cheaper alternatives like soy and sunflower oil, Godrej International Director
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