Custom duty on edible oils slashed by 10%

New Delhi, Apr 13 (UNI) With the inflation data already showing a downward movemnet, the Government today announced further steps to tame inflation by cuttiong custome duty on palm oils -- both crude and refined -- by a hefty 10 per centage points.

It, however, left the custom duty on Soyo oil unchanged.

Custom duty on crude palm oil, crude palmoline and other fractions of crude oil was reducced to 50 per cent from 60 per cent.

Similarly, custom duty on RBD palm oil, palmoline and other refiuned oils was reduced to 57.5 per cent from 67.5 per cent.

Base tariff values for the import of edible oil is to be frozen at the levels prevailing in July 2006.

Palm oil constitutes more than half of India's total edible oil imports, which are more than five million tonnes.

In January, the Government reduced import duties on crude palm oil and palmoline to 60 per cent and those on refined, bleached and deodorised palm oil to 67.5 per cent.

Notification in this regard has been issued by the Central Board of Excise and Customs.

''Reduction in custom duty will reduce the lended cost od these oil, and is expected to soften the domestice prices of edible oils,'' a Finance Ministry release said here today.

UNI