24/09/2007 (The Economis Times), NEW DELHI - Putting rumours of a ban on rice export at rest, the Centre today ruled out any such step and said a duty cut on imported edible oil would be considered at an "appropriate time".
Denying any move to export rice, Food Secretary T Nandakumar said there is no cause of concern as overall food situation is comfortable.
He said the government would consider any duty cut on edible oil at an appropriate time.
"There is no such proposal right now. We will do it at the appropriate time. It is not good to disclose it before," he said.
The market is abuzz with speculation that government may cut the customs duty on imported edible oils such as palm oil and soya oil as international prices are rising.
The import duty on crude palm and soya oil is 45 per cent.
The prices of CPO has increased by 6.18 per cent in the last one month while the increase in soya oil is 8.59 percent.
The international prices of crude soy oil is 859 USD per tonne while that of CPO is 790 USD a tonne.
India imports 40 per cent of its edible oil demand from Malaysia and Indonesia for palm oil and soya oil from Argentina and Brazil.