The Union government on Tuesday exempted customs duty and agricultural cess on yearly import of 20 lakh metric tonnes of crude soyabean and sunflower oil till March 2024 to ease their selling prices.
The step has been taken amid record inflation as India's wholesale price index-based inflation rate rose to the highest level in the current 2011-12 series at 15.08 per cent in April, according to Business Standard.
In April, the edible oil inflation remained in double digits for the 29th consecutive month, as per the BS report.
"Provisions for allocation of tariff rate quota (TRQ) for 20 lakh MT of crude soybean oil and 20 lakh MT of crude sunflower oil for 2022-23 and 2023-24 has been notified," said the Director General of Foreign Trade (DGFT) in a public notice.
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The TRQ is a quota for a volume of imports — 20 lakh MT in this case — that will enter India at specified or nil duty — zero duty in casae of soyabean and sunflower oil after Tuesday's notification. However, normal tariff would apply to additional imports after the quota is reached.
Last week, the Centre reduced the excise duty on petrol and diesel to ease the financial burden on consumers reeling under high petroleum prices. The Centre also took steps to reduce consumer prices of plastic products, iron, and steel, and to increase the availability of cement.
Union Finance Minister Nirmala Sitharaman also announced a subsidy of Rs 200 per gas cylinder to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana, applicable on up to 12 cylinders.
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(With PTI inputs)
