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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

26/04/2001

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

INDIA ENDS LOWER DUTIES FOR SICK VANASPATI UNITS
INDIA ENDS LOWER DUTIES FOR SICK VANASPATI UNITS

NEW DELHI, April 25 (Reuters) - India has decided to withdraw dutyconcessions for vanaspati units that face financial difficulties to ensureequal treatment, Finance Minister Yashwant Sinha told parliament onWednesday."The concessional rate of duty of 55 percent for the import of crudepalm oil by sick vanaspati units was proposed in the budget. It isproposed to abolish the concessional rate of duty with a view to avoiddiscrimination," he said while moving the finance bill.Sinha had raised the import duty on crude edible oils to a uniform rateof 75 percent from the current range of 35 to 55 percent.The duty on refined edible oil had been increased to 85 percent from arange of 45 percent to 65 percent.The vanaspati makers will now pay a duty of 75 percent.Duty on soybean oil remained unchanged at 45 percent on account ofIndia's commitment to the World Trade Organisation (WTO).India, the world's leading buyer of vegetable oils, imported 1.23million tonnes of edible oils in the period from November 2000 to January2001 against 972,132 tonnes a year earlier.