India cuts 5pc duty on palm oil
Ann/ The Statesman
The Indian government on Thursday clarified that its had cut the customs duty on palm oil by five per cent, and not 10 per cent as notified earlier. The error in the notification had led to market swings and four importers taking advantage of this cut. On 23 July, the government announced its decision to reduce the import duty on palm oils. Crude palm oil, including crude palmolein, would witness a duty cut from 50 per cent to 45 per cent. The duty for refined palm oil, including RBD palmolein, would be cut from 57.5 per cent to 52.5 per cent.
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