The Director-General of Foreign Trade (DGFT) temporarily removes import restrictions on refined palm oil, refined Palm Olein, Potatoes.
According to a notification of the DGFT, import policy of refined bleached deodorised palm oil, and refined bleached deodorised palm Olein “is amended from restricted to free with immediate effect and for a period up to December 31, 2021”. It, however, added that the import is not permitted through any port in Kerala.
The DGFT has further notified that import policy of potatoes (fresh or chilled) wherein the existing import policy of “import of Potatoes from Bhutan is permitted any to 31st license, up January 2021” has been amended to “import of Potatoes from Bhutan is permitted any to 31st license, up June 2022.
Under the restricted category, an importer has to obtain a licence or permission from DGFT for inbound shipments.
The government on Tuesday cut basic customs duty on crude palm oil to 10 per cent till September this year.
Indonesia and Malaysia are the two countries that supply palm oil. Domestic edible oil prices have more than doubled in the past year. India meets about two-thirds of its edible oil demand through imports. As per data by industry body SEA, India’s import of palm oils rose by 48 percent to 7,69,602 tonnes in May 2021, on higher shipments of crude palm oil. India, the world’s leading vegetable oil buyer, had imported 4,00,506 tonne palm oil in May 2020. The country’s total vegetable oil imports rose 68 percent to Rs 12.49 lakh tonne in May 2021, compared to 7.43 lakh tonne in the year-ago period.
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