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Govt reduces levies on import of edible oils
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SME Times News Bureau | 13 Oct, 2021
India on Wednesday reduced the rate of basic custom duty and cess
imposed on import of various edible oils, effective from Thursday.
The
move comes after international prices of soyabean, sunflower seed,
crude palm, and RBD Palmolein based edible oils rose substantially.
In
two seperate customs notifications on Wednesday, the Ministry of
Finance reduced the levy of basic custom duty and the Agriculture
Infrastructure and Development Cess on the import of these edible oils.
The changes, according to the notifications, are effective from Thursday and will remain in force up to March 31, 2022.
As
per the notification, the levy of basic custom duty has been removed on
crude soyabean oil (whether or not degummed), crude palm oil, and crude
sunflower.
Besides, the AIDC levied on import of crude soyabean
oil (whether or not degummed), and crude sunflower seed oil, has been
reduced to 5 per cent, and on crude palm oil to 7.5 per cent.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹96.5
|
₹94.8 |
UK Pound
|
₹132.25
|
₹128.15 |
Euro
|
₹113.6
|
₹109.8 |
| Japanese
Yen |
₹61.3 |
₹59.45 |
| As on 03 Sep, 2026 |
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