Commerce ministry notifies norms for allocation of TRQ for crude soybean, sunflower oils

The DGFT has invited applications for allocation of this TRQ during 2022-23 with effect from May 27 and not later than June 18.

Published: 25th May 2022 10:53 AM  |   Last Updated: 25th May 2022 10:53 AM   |  A+A-

soyabean oil, cooking oil

Image used for representational purpose only. (File Photo)

By PTI

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp