Government allows duty-free import of 20 lakh tn per year of crude soyabean, sunflower oil; applicable for FY23, FY24

In a big development, the Indian government has taken a significant step to tame the rising prices of edible oil. The government has given a relief in the import of crude soyabean and crude sunflower oil.

The government has taken a decision to import 20 lakh metric tonne of duty free crude soya bean oil. 

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क्रूड सोयाबीन और क्रूड सनफ्लॉवर तेल इंपोर्ट में राहत
20 लाख MT ड्यूटी फ्री क्रूड सोयाबीन तेल इंपोर्ट का फैसला
FY23, FY24 के लिए लागू होगा इंपोर्ट ड्यूटी में राहत का नियम#EdibleOil | #OilPrice pic.twitter.com/WZsX0IdY1r

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The relaxation in import duty rules will be applicable for the financial year 2022-23 (April-March) and 2023-24.

The government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean and sunflower oil, to ease domestic prices, a PTI report said.

The duty-free import of 20 lakh MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification, this report said.

The exemption will help cool domestic prices and control inflation.

"This will provide significant relief to the consumers, the CBIC tweeted.

Last week to control spiralling prices, the government had cut excise duty on petrol and diesel and also waived import duty on some raw materials used in steel and plastic industry. Besides, export duty was hiked on iron ore and iron pellets.

A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or wholesale price inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.

High inflation prompted the Reserve Bank to hold an unscheduled meeting to raise the benchmark interest rate by 40 basis points to 4.40 per cent earlier this month. 

Inputs from PTI