NEW DELHI: The commerce ministry on Tuesday notified norms for allocation of tariff rate quota (TRQ) for 20 lakh metric tonnes of crude soybean oil and crude sunflower oil each for 2022-23 and 2023-24. TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports.
The government has exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean oil and crude sunflower oil each, to ease domestic prices. The duty-free import of 20 lakh MT per year will be applicable for two financial years - 2022-23 and 2023-24 for crude soyabean oil and crude sunflower oil.
"Provisions for allocation of tariff rate quota (TRQ) for 20 lakh MT of crude soybean oil and 20 lakh MT of crude sunflower oil for 2022-23 and 2023-24 has been notified," the Director General of Foreign Trade (DGFT) said in a public notice.
The DGFT has invited applications for allocation of this TRQ during 2022-23 with effect from May 27 and not later than June 18. "Applications where the date of their importer-exporter code is on or after the date of this public notice shall not be considered," it said adding the applications will be considered on actual user basis to processors/refiners only based upon their own processing capacity.
It added that applicants will also have to provide a valid FSSAI licence and only one licence against one IEC will be considered. The TRQs will be valid for one year from the date of issuance.