Commodities

‘Soyabean oil from Nepal affecting farmers, refiners’

Our Bureau Mangaluru | Updated on December 03, 2020

Solvent Extractors’ Association says, government is facing loss of revenue

The Solvent Extractors’ Association (SEA) of India said that there has been an influx of soybean oil from Nepal into India hurting domestic refiners and farmers, and leading to the loss of revenue to the government. It has also requested the government to take immediate steps to regulate inflow of refined edible oils in the country.

In a representation made to Piyush Goyal, Union Minister for Commerce and Industry, Atul Chaturvedi, President of SEA of India, said that Nepal imported 76,884 tonnes of crude soybean oil during July-September, 2020. Of this, 54,392 tonnes of refined soybean oil was exported to India. If this continues, Nepal may export over 2 lakh tonnes during the year 2020-21 (July-June) to India.

It said that the current import duty on refined palmolein and on soya refined is 45 per cent plus Swachh Bharat Cess at 10 per cent. This means at current values, the government is losing around ₹35,000 per tonne on refined soybean oil, and around ₹30,000 per tonne on palmolein oil coming via Nepal.

SEA urged the government fix the quota for import of refined oils from Nepal, and distribute it month-wise and region-wise so that particular region has minimum impact.

Published on December 03, 2020

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