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India lifts freeze on taxable value of crude palm oil

Source : REUTERS
Last Updated: Sat, Jan 19, 2013 06:22 hrs

NEW DELHI, Jan 17 (Reuters) - India has decided to lift a freeze on the taxable value of edible oils including crude palm oil, a government statement said on Thursday.

India will revise the base price used to calculate import taxes for CPO on a fortnightly basis now onwards as result of this revision.

The current base price for CPO stands at $447 per tonne, unchanged for last six years.

India has also decided to slap a 2.5 percent import duty on CPO to stem cheap imports and protect its domestic oilseed growers.

(Reporting by Ratnajyoti Dutta; Editing by Jo Winterbottom)




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