SEA asks to hike import duty on Malaysian refined palm oil


Team Udayavani, Jun 14, 2019, 4:23 PM IST

New Delhi: Expressing concern over Malaysian palm oil flooding Indian markets, edible oil trade body SEA on Friday asked Prime Minister Narendra Modi to hike import duty on palm oil being purchased from the South-east Asian country, to safeguard domestic oilseed farmers.

In January, India had reduced import duty on refined palm oil sourced from Malaysia to 45 per cent from 54 per cent as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries in fiscal year 2010-11.

India is the world’s leading vegetable oil buyer and the share of palm oil is more than 60 per cent of the overall imports.

In a representation made to the Prime Minister, Mumbai-based Solvent Extractors Association of India (SEA) said there has been a “sharp increase” in imports of refined palm oil as a consequence of the India-Malaysia CECA pact.

“We strongly appeal to the government to kindly scrap the CECA agreement with Malaysia with immediate effect and impose higher duty on (RBD) palmolein (refined palm oil) to save domestic refiners and oilseed farmers,” it said.

According to SEA, the refined, bleached and de-odorised (RBD) palmolein imports have gone up from 1,30,000 tonne in December 2018 to 3,71,060 tonne in May 2019, highest in any single month since May 2013.

Total palm oil imports stood at 8,18,149 tonnes during May this year, while soft oils were at 3,62,637 tonnes in the same period, it said.

Total vegetable oils (both palm and soft oils) imports in May this year declined to 12,21,989 tonnes from 12,86,240 tonnes in the same month previous year, the SEA data showed.

India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Latin America. Sunflower oil is imported from Ukraine and Russia.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

CBDT allows tax officials to waive or reduce interest due from assessee

Like UP, bring BJP to power in Jharkhand to ‘bulldoze’ mafia: Yogi at Koderma poll rally

Govt asks Wikipedia why it should not be treated as publisher instead of intermediary

Karnataka HC issues notice to CM, others on plea seeking transfer of MUDA case to CBI

SC upholds validity of UP madrassa law, says it does not violate principle of secularism

Bantwal: Theft at Shree Mahalingeshwar temple

States not empowered to take over all private properties for distribution to serve common good: SC

Related Articles More

CBDT allows tax officials to waive or reduce interest due from assessee

Markets fall in early trade amid unabated foreign fund outflows

New software for fast-tracking project approvals: Karnataka Minister Patil

In-flight passengers can access WiFi services only when allowed, say new rules

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

CBDT allows tax officials to waive or reduce interest due from assessee

Like UP, bring BJP to power in Jharkhand to ‘bulldoze’ mafia: Yogi at Koderma poll rally

Govt asks Wikipedia why it should not be treated as publisher instead of intermediary

Karnataka HC issues notice to CM, others on plea seeking transfer of MUDA case to CBI

SC upholds validity of UP madrassa law, says it does not violate principle of secularism

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.