The Hindu Business Line : STC too to canalise vanaspati imports

THE Government has appointed State Trading Corporation (STC) as a canalising agency in addition to the Central Warehousing Corporation (CWC) for import of vanaspati from Nepal under the annual tariff quota regime.

Under the revised Indo-Nepal Treaty of Trade, put in place with effect from March 6, 2002, the Government allows import of up to one lakh tonnes (lt) of vanaspati annually at zero basic customs duty, with imported quantities beyond this level attracting the normal most favoured nation (MFN) rate (currently 25 per cent).

The `in-quota' imports were also exempted from the 4 per cent Special Additional Customs Duty (SACD), effective from August 27, 2002.

The Government had on April 30, last year, appointed CWC as the sole agency through which imports of 1,00,000 tonnes of vanaspati at zero duty could be routed.

It was also mandated that the in-quota imports would be permitted only through six specified land customs stations at Kakarbhitta/Naxalbari, Biratnagar/Jogbani, Birganj/Raxaul, Bhairahawa/Nautanwa, Nepalganj/Nepalganj Road and Mahendranagar/Banbasa.

In its latest public notice, dated June 6, the Director-General of Foreign Trade (DGFT) has said from now on, ``STC will also be entitled to make imports of vegetable fats (vanaspati) up to the indicated quantity on annual quota basis in addition to the existing agency, viz. CWC.''

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