SME Times is powered by   
Search News
Just in:   • Musk warns on silver rally flagging demand for industrial use  • VB-G RAM G: States to gain Rs 17,000 crore compared to average allocation of last 7 years  • Trade pact with Australia anchors India’s economic engagement in Indo-Pacific: Piyush Goyal  • Trump's trade policies 'disaster': US media  • Silver retreats after record intraday high of over $84 per ounce 
Last updated: 06 Apr, 2021  

Sri.Lanka.9.Thmb.jpg SL Prez imposes immediate ban on palm oil import

Sri.Lanka.9.jpg
   Top Stories
» Trade pact with Australia anchors India’s economic engagement in Indo-Pacific: Piyush Goyal
» Silver retreats after record intraday high of over $84 per ounce
» Gold nears Rs 1.4 lakh, silver hits record high
» Govt releases new BIS Standard for incense sticks to boost consumer safety
» Govt committed to boost ease of living
SME Times News Bureau | 06 Apr, 2021
Sri Lankan President Gotabaya Rajapaksa has imposed an immediate ban on the import of palm oil and ordered the gradual removal of the crops, in a move to eliminate the environmentally harmful cultivations in the country, an official said on Tuesday.

Rajapaksa on Monday ordered his officials to promulgate laws preventing fresh imports of palm oil, releasing already imported stocks to the markets and gradually starting to uproot palm plantations, dpa news agency quoted a spokesperson for the presidential office as saying.

"The objective of the President is to free the country of use of palm oil and eradicate palm cultivations from the country," the spokesperson said.

In the run-up to the presidential elections in 2019, Rajapaksa vowed to stop palm cultivation in the country after villages complained about the environmental damage it causes, including deforestation, soil erosion and water pollution.

Under a phased out plan to stop palm cultivation, the President ordered the uprooting of 10 per cent of existing palm plantations annually, and that they be replaced by rubber or environmentally friendly crops.

However, no immediate reason was given for the ban on imports of palm oil into the country.

The move by the government to ban palm oil imports met immediate resistance from a section of industry that uses palm oil to manufacture bakery products, animal feed and soaps.

Sri Lanka imports around 200,000 tonnes of palm oil annually, mainly from Indonesia and Malaysia, according to trade sources.

There are currently around 11,000 hectares of palm plantations in the country.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
₹91.25
₹89.55
UK Pound
₹122.85
₹118.85
Euro
₹107.95
₹104.3
Japanese Yen ₹59 ₹57.1
As on 29 Dec, 2025
  Daily Poll
What is your biggest hurdle to scaling right now?
 Cash flow issues
 Material costs
 Finding leads
 Adopting AI
 Hiring Talent
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter