Business

Traders can import refined palm oil without a license until more orders come in


NEW DELHI: The government on Wednesday expanded the base for restricting free imports refined palm oil after December 31, 2022 until more orders are placed, a move aimed at increasing domestic supply and reducing cooking oil prices.
In June last year, the government lifted import restrictions on refined palm oil until December 31, 2021 due to a sharp increase in cooking oil prices. It was then extended until December 31, 2022.
The General Department of Foreign Trade (DGFT) said in a statement: “The free import policy for items (refined bleached deodorized palm oil, refined bleached deodorized palmolein) has been extended. after December 31, 2022 until more orders are placed.”
However, it added that the import is not allowed through any port in Kerala.
Previously, these imports were on a restricted list, in which the importer required a license or permission from the DGFT for imported shipments.
According to industry body Solvent Extractors Association of India (SEA), India has seen its imports of refined palm oil increase more than 2.5 times to 17.12 thousand tonnes in the past 11 months due to lower prices in Indonesia.
India, the world’s top vegetable oil buyer, imported 130.1 thousand tons of vegetable oil during the November-September period of the ongoing 2021-2022 oil year, 4% higher than the same period last year. period of the previous year.
Palm oil shipments account for 50% of total vegetable oil imports.
India imports palm oil mainly from Indonesia and Malaysia, and a small amount of soft crude oil, including soybean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
In a separate announcement, the DGFT said the free import policy of urads and tur stands until March 31, 2024.
Previously, this facility was scheduled to close on March 31, 2023.

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button