The Hindu Business Line : Pre-import permit in abeyance

As expected, the Government has postponed by two months the implementation of pre-import clearance procedure stipulated in the latest Exim Policy for genetically modified products.

As per notification dated May 4 issued by the Directorate General of Foreign Trade under the Ministry of Commerce, condition mentioned in the notification dated April 7 (the day the new Exim Policy was announced) has been kept in abeyance up to July 7, 2006.

This should clear the way for smooth arrival of imported soyabean oil.

Imports got bogged down because of undue delays and attendant uncertainties arising out of the new policy that required importers to obtain prior approval from the Genetic Engineering Approval Committee under the Ministry of Environment and Forests in case of any item of imported food containing genetically modified material.

Over the last four weeks, following the stipulation of the condition of pre-import clearance, soyabean oil prices spiked in an unprecedented manner.

Making a complete mockery of demand-supply fundamentals, speculators at various commodity exchanges pushed soya oil prices higher and higher.

Indeed, postponement of the decision or keeping the notification in abeyance for two more months is likely to add to the market uncertainty.

Speculators at the bourses have already made a killing at the cost of consumers.

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