Indian Economy: News and Discussion

sorcerer

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mport clearance time for edible oil comes down significantly to approx. 3-4 days ; there is no clogging of consignments at the ports


Posted On: 14 JUL 2021 5:35PM by PIB Delhi



The Indian Customs is continuously monitoring the import clearances of edible oils in co-ordination with Food Safety and Standards Authority of India (FSSAI). It is seen that the import clearance time for edible oil has come down significantly to approx. 3-4 days at present which is the usual time taken for sampling, duty payment and logistics. It is being ensured that there is no clogging at the ports. To facilitate the trade and expedite the clearances, nodal officers have been nominated in all the Customs Zones and a Standard Operating Procedure has also been put in place for smooth clearance. Customs is also engaging with the Industry Associations regularly.





The following data reveals significant increase in imports of crude palm oil (most significant edible oil imports) in most recent periods: -


In MT



Description

30.6.20 to 12.7.20

30.6.21 to 12.7.21

Crude Palm Oil

2,90,694

4,04,341




In MT



Description

01.4.20 to 12.7.20

01.4.21 to 12.7.21

Crude Palm Oil

19,03,035

20,91,332







The import/export policy relating to edible oils, its volumes of clearances and pendency situation at ports etc are reviewed on weekly basis by Inter-ministerial Committee on prices of Agricultural Commodities. These aspects are also reviewed regularly by Committee of Secretaries and Group of Ministers.





Department of Consumer Affairs and Department of Food continuously monitor the retail selling prices of edible oil for assessing the need for intervention





Tariff and other policy interventions are normally made on the recommendations of these Committees/Group.





To provide relief to the consumers, certain measures have been taken recently in respect of edible oil. These include reduction of customs duty on edible crude palm oil from 35.75% to 30.25% and on refined palm oil from 49.5% to 41.25%. Further, import restriction of refined palm oil has also been lifted till 31st December.
 

Haldilal

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Ya'll Nibbiars Grameen E Store does any body knows about this start up's already made 120 crores revenue in FY 2020 - 2021. And is owned by the GOI and Tata digital.
 

Lonewolf

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Ya'll Nibbiars Gramin E Store does any body knows about this start up's already made 120 crores revenue in FY 2020 - 2021. And is owned by the GOI and Tata digital.
Nope ,
 

sorcerer

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RBI bars Mastercard from onboarding new customers in India from July 22

The Reserve Bank of India (RBI) on Wednesday barred global card player Mastercard Asia/ Pacific Pte Ltd from onboarding new domestic customers on its network from July 22, due to non-compliance with guidelines on local data storage, despite ample time and adequate opportunities given to it.


 

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