The Hindu Business Line : Tariff values cut for vegoil imports

According to a notification by the Central Board of Excise and Customs, which functions under the Department of Revenue in the Finance Ministry, crude palm oil's tariff value will be $433 a tonne from $434 fixed on October 31. The maximum cut has been made in the case of RBD palm oil and RBD palmolein. (See Table for the revised rates.)

The Centre has begun periodical revision of the tariff rate, which is used as the base price to calculate the Customs Duty on vegetable oil imports, from September 16. According to trade sources, the periodical revision is in tune with the Centre's commitments to the global trade.

Also, the edible oil trade has been demanding periodical revision of the rates and on specified dates to avoid speculative trade in the market.

The base price or tariff value came into effect on August 3, 2001 to check under-invoicing of vegetable oil import bills.

Sources said the cut in the tariff value would not have any effect on the market.

On Wednesday, RBD palmolein closed unchanged at Rs 372 for 10 kg in Mumbai, while crude soyabean oil too was static at Rs 328 for 10 kg.

In the global market, crude palm oil closed lower for the third consecutive day, losing over $2 at $374.44 a tonne. De-gummed soya oil in Rotterdam was quoted $3 lower at $475.

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