Govt slashes basic customs duty on crude edible oils from 20% to 10%
N
EW DELHI: In a move to put a check on edible oil prices, the govt on Wednesday slashed the Basic Customs Duty (BCD) on crude edible oils - soybean, sunflower and palm - from 20% to 10%.
This revision has widened the import duty differential between crude and refined edible oils "from 8.75% to 19.25%", as per the food ministry. It added this will encourage domestic refining capacity utilisation and reduce imports of refined oils.
In statement, the ministry said, "This adjustment aims to address the escalating edible oil prices resulting from the Sept 2024 duty hike and concurrent increases in international market prices."
Following the decision, the Union food ministry has instructed edible oil industry associations to immediately pass on import duty reductions to consumers. Industry stakeholders are expected to adjust their Price to Distributors (PTD) and Maximum Retail Price (MRP) in accordance with lower landed costs with immediate effect, it said.
The ministry has also shared a format with the edible oil industry for reporting reduced MRP and PTD data, emphasising that "timely transmission of benefits through the supply chain is imperative to ensure consumers experience corresponding decreases in retail prices".
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
27 minutes ago
- Hindustan Times
Delhi: NDMC nod for ₹135 crore projects to boost infra
The New Delhi Municipal Council (NDMC) on Thursday approved projects worth over ₹135 crore for procurement of 120 Megawatts (MW) renewable energy, water metres, purchase of hydraulic high pressure jetting machine and for the promotion of art and culture in the NDMC area, among other projects, said officials. The decisions were taken in a meeting chaired by minister Parvesh Verma and attended by MP Bansuri Swaraj and other top NDMC functionaries, the council meeting took these decisions. A major welfare decision was taken regarding regularisation of Type-I and Type-II municipal quarters allotted in the name of the spouse or ward of former NDMC employees. These provisions apply to cases where the original allottee has retired or passed away, and the spouse or ward is a regular NDMC employee—even if the application was submitted after the permissible time period. The Council approved a one-time policy relaxation, including waiver of pending dues for such applicants. Chairman Parvesh Verma announced that penalties imposed on occupants residing for more than two years beyond permissible limits will also be waived. Citing one case where a family had a penalty of ₹24 lakh, he confirmed that the full amount has been waived off. 'This is not just about housing regularisation, it is about honouring families who served NDMC for years. It is our responsibility to stand by them,' said Verma. He further informed that in cases where judicial proceedings are pending in courts, NDMC will move towards withdrawal of those cases. The council approved procurement of 120 MW of firm, dispatchable renewable energy from NHPC Ltd. at ₹4.62/kWh to address the shortfall in power demand and meet renewable power obligations. It also sanctioned ₹4.56 crore for replacing outdated electronic energy metres with smart metres and ₹30.84 crore for swapping over 15,000 old water metres with AI-enabled smart water metres, marking a full transition to digital utility monitoring in the NDMC zone, said officials aware of the matter. 'This council is committed to transforming New Delhi into a model of responsive governance and sustainable urban development. All our decisions are aligned with Prime Minister Narendra Modi's vision of a modern, inclusive and efficient capital — every initiative approved today is a step towards delivering citizen-first governance,' said NDMC vice chairman Kuldeep Singh Chahal. Acknowledging aging infrastructure, NDMC cleared ₹6.75 crore for replacement of life-served 33kV power cables, and ₹5.20 crore for a hydraulic high-pressure jetting machine to manage drainage before the monsoon. In another major move, ₹70.44 crore was allocated for the desilting of the Sunehri drain near Lodhi Road, a joint project with the DMRC flagged as a top priority by the Lieutenant Governor, according to officials. To bolster the cultural identity of the capital's core, NDMC approved 1% of its annual budget for the promotion of art and culture, including music and heritage festivals. The Council also approved ₹4.18 crore for hiring temporary urinals and comfort stations for national events, and ₹6.64 crore for shifting water lines in Sarojini Nagar in coordination with NBCC's redevelopment project. Small amounts have been allocated for other civic projects as well, officials said. For the welfare of employees, a one-time policy relaxation was approved to regularize quarters for families of deceased or retired staff. Hospital Patient Care Allowances and Conveyance Allowances were approved for doctors and medical staff. The Council also passed amendments and framed Recruitment Rules (RRs) for over 1,000 posts across categories including stenographers, assistants, carpenters, metre inspectors and medical staff. Notably, 17 posts of deputy directors will now be merged with four joint director roles, expanding top-level administrative strength to 21.
Time of India
43 minutes ago
- Time of India
PM Modi has fulfilled humongous tasks: Vaishnaw on 11 years
NEW DELHI: India has moved from "silence to surgical precision" in giving bold and proportionate responses to cross-border terrorism, BJP said Thursday, referring to , as it highlighted the achievements of Modi government in the last 11 years. Tired of too many ads? go ad free now The party said the country has grown faster on all fronts and people's lives have been transformed in these years. Humongous tasks have been fulfilled under PM Modi's leadership to put the country on the path of "long-term growth", Union I&B minister Ashwani Vaishnaw said at an event to mark the Modi govt's 11 years. He made a presentation on the Modi government's 'seva, sushashan and gareeb kalyan'. BJP chief J P Nadda, Union ministers Amit Shah, Rajnath Singh, Nitin Gadkari & Nirmala Sitharaman were among those present at the event. In its presentation, BJP said India became a global powerhouse under Modi, with per capita GDP increasing from Rs 86,647 in FY 2014 to Rs 2 lakh in FY 2025 due to structural economic reforms. 'Start Up India' scheme provided small loans to empower grassroots entrepreneurs to shift from "survival to growth" and make a "big impact", it said. RBI's financial inclusion index surged from 43 in 2017 to 64 in 2024 with the implementation of the 'PM Jan Dhan Yojna' and other measures.
Time of India
an hour ago
- Time of India
Pb's devp caused by failure to implement central schemes: Hardeep Puri
Ludhiana: Union minister of petroleum and natural gas, Hardeep Puri , on Thursday, said that Punjab's development had been hindered by the state government's alleged failure to implement people-centric schemes of the central government. Puri, who was in Ludhiana to campaign for party candidate Jiwan Gupta, said that this prevented Punjab residents from receiving benefits available to citizens in other states across the country. Addressing a press conference, Puri emphasised that while India made significant strides in development, including advancements in the space sector, Punjab did not fully benefit from central welfare programmes. He attributed this to the Aam Aadmi Party (AAP) government's non-implementation of these initiatives, citing the Ayushman Bharat Healthcare programme as a regrettable example. "All central schemes are available throughout the country but if these schemes aren't implemented in states like Punjab, it's a matter of deep regret," Puri said. Highlighting the achievements of the Union government, the minister said that in 2014, when Narendra Modi became Prime Minister, India's economy was valued at 2 trillion dollars and ranked 10th globally. Since then, India has surpassed the UK to become the fifth largest economy and recently overtook Japan to claim the fourth position, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo According to World Bank assessments, Puri projected that India would surpass Germany within the next year. He also underscored India's robust economic growth rate of 6.5%, which is significantly higher than the approximately 2% growth rates of the UK, Japan, and Germany. This rapid growth, he suggested, positions India to become the world's third-largest economy by 2026, with its current economy standing at 4.3 trillion dollars. Puri also detailed expansion of welfare programmes under the current administration. He noted that the number of LPG cylinder connections in the country had increased from 14 crore in 2014 to over 33 crore today. He specifically mentioned the 2016 launch of the Ujjwala Yojana, which provides LPG cylinders at subsidised prices, primarily benefiting rural areas. Additionally, Puri stated that 4 crore people received houses under the Pradhan Mantri Awas Yojana, with plans to construct 3 crore more homes across India in the coming years. The minister pointed out that in the upcoming Lok Sabha elections, 33% of seats would be reserved for women, a move he described as fostering "women-led development." He also highlighted the significant growth in India's civil aviation sector, with the number of airports increasing from 74 before 2014 to over 150 now. Expressing concern about development in Punjab, Puri said that despite chief minister Bhagwant Mann's election promise to eliminate drugs, little progress was observed. He also criticised the prevailing law and order situation in the state. Puri urged that the BJP's 11-year report card on national achievements be widely disseminated in Punjab, asserting that it would "enthral" people across all sections. He concluded by stating that "governance didn't mean fake promises, but promises shown fulfilled on the ground," citing the AAP's unfulfilled promise of Rs 1,000 per month to women as an example. MSID:: 121805994 413 | Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
