Financial Daily from THE HINDU group of publications
Thursday, Oct 14, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 14, 2004 |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Plea to notify tariff value of edible oils Our Bureau
Mumbai , Oct. 13 THE Central Organisation for Oil Industry and Trade has asked the Government to notify the tariff value on various edible oils on a fixed date. The move would impart stability and transparency in the transactions of the highly sensitive commodity, the apex body has argued. In addition, a request has been made for fixing tariff value for refined soyabean oil also as the current regime is restricted to crude degummed soyabean oil only. In another representation, the apex body has urged the Government to rationalise the customs duty structure by raising the duty on imported vanaspati to the level of refined edible oils, namely 75 per cent ad valorem. The current inverted duty structure - on vanaspati a finished product at 30 per cent and on raw material (crude palm oil) 65 or 75 per cent - is said to be impacting the indigenous vanaspati industry adversely and increasing sickness.
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