Import duty of crude oil to get increased
Posted on: 25/Oct/2014 2:17:25 PM
Aiming to bring restriction in cheap import and protect domestic farmers, food minister Ram Vilas Paswan met finance minister Arun Jaitley and had discussion to bring forth a hike in import duty of crude and refined edible oils.
The duo also discussed about the troubles faced by sugar mills to get their loans sanctioned from Sugar Development Fund (SDF) and also about problems with additional budget allocation for FCI.
Speaking about the met, Mr. Paswan said the meet was intended to discuss in detail about the increase in import duty of edible oils, budget allocation for FIC, loan troubles with SDF, etc. It was also added that the Food ministry is in support of increasing the import duty of crude oil from 2.5 per cent (existing) to 10 per cent.
Owing to the historic low levels met by crude edible oils and refined edible oils, industry body solvent extractors association has been insisting the hike of the former and latter by 10 and 25 per cent respectively.
