Login ID:
Password:
Partner Login
Contact Us : 7066511911

SOPA seeks rollback of customs duty exemption on edible oils

28 Jun 2022 5:24 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Indore, June 28 (Commoditiescontrol) The Soybean Processors Association of India (SOPA) has urged the Union government for the gradual rollback exemption in customs duty on edible oil so as to checkmate falling prices of soybean in the domestic market.



In a letter to the Union Minister of Commerce and Industry, Shri Piyush Goyal, the SOPA Chairman Dr. Davish Jain said that because of various policy initiatives taken by the Union government in the recent past including slashing of customs duty on edible oils, have resulted in 15% to 26% decline in both imported and domestic edible oils in the past one month.



However, fall in edible oil prices has also contributed to substantial decline in soybean prices in the domestic market.


Dr Jain in his letter further said that fall in soybean prices has sent a very negative signal to soybean farmers, at a peak sowing time for Kharif Oilseeds. If the current fall in soybean prices continued further, it may result in shifting some area of soybean to other crops and this will stop the momentum built over the last two years for growing more oilseeds, the SOPA Chairman said, urging the government to review the existing duty structure on edible oils and announce a gradual rise in customs duty on edible oils which will not only be in the interest of farmers and consumers but will also give additional revenue to the Government.


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Special Reports
Sugar prices firm on improved local demand
Weekly: ICE Sugar clock second consecutive week of gain...
Weekly: ICE raw sugar rebound as recent selling bout op...
CCEA approves FRP of sugar for sugar season 2022-23 at ...
Weekly: ICE sugar lost 7% in July as Brazil lowers gaso...
more
Top 5 News
Sugar prices firm on improved local demand
Cotton Gujarat Kadi Seed Weak Short-term Trend / Trad...
Soy Refined Oil (Indore) Counter-trend Decline / Next...
Week Ahead: Moong may remain weak as kharif crop arriv...
Week Ahead: White Pea prices likely to rule firm on reg...
Top 5 Market Commentary
Kharif crop sowing 16.47 % up in Rajasthan Y/Y as on 16...
Branded processed pulses at Mumbai APMC market- 16th Au...
Kottayam/Kochi Rubber Rates 16 August, 2022
NAFED Procures 14,17,390 MT & FCI 73,653 MT Chana In Ra...
NAFED Procures 8,843 MT Moong In Rabi-2022 Season So Fa...
Copyright © CC Commodity Info Services LLP. All rights reserved.