The Indian Government in acknowledgement with the time long demands of the trade industry decided to slash down the import duty on sunflower seeds and made the duty from the earlier 30 % to 10 % on March 23rd, 2017.

In this regard, The Department of Revenue of the Ministry of Finance released a notice which states that on March 23 the import duty was 10% which showed the amendment to the previous notification No.12/2012- Customs which was released on March 17, 2012.

As to reduce the basic Customs duty from 30 per cent to 10 per cent on sunflower seeds, the notice said, “Amendment to Notification No.12/2012-Customs, falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purposes extraction and refining of oil subject to actual user condition, from April 1, 2017, to September 30, 2017, period.

This step was welcomed by Solvent Extractors’ Association of India (SEAI) and is happy about the government’s response to the industry’s request. This is a progressive step for the local industry for generation of employment, value-addition, and efficient utilisation of the capacity.

To get the balance with the international prices, the reduction in the import duty will help the importers so by India there can be large imports of oilseeds for providing to the mills that have a lack of supply.

The post On sunflower seed, the import levy has been cut down by Govt to 10% appeared first on Trade Genius.

As the monsoon was good, so in this season India is expecting a harvest of 22 million tonnes pulses and a 9 million tonnes bumper crop of chana.

As the prices of the crop will fall, so to protect the chana growing farmers, Agriculture Ministry has put forward a proposal to put an import duty on this particular pulse. to control the prices, an import levy of at least 25% will work in this regard the bumper crop along with cheap imports can dent the profits of these farmers and to safeguard them, the ministry has put forward this thought.

Even after a good crop, The other pulses will still have to be imported to satisfy the demand, and for this on any other pulses, the government will not put any import duties.

Wholesale rates of some pulses like tur that are Kharif crops have already crashed this year and for this, there are chances that chana prices will see the same fate.

As the chana crop in the retail prices of the pulses from the last year, around 30% fall has been seen, said by the government. The rates are most likely to fall, as this year crop is very good.

To increase the local production and to reduce the dependency on the imports, the government had started work and to a high of Rs.200 per kg and after that Last year the retail prices had increased sharply.

Now the government wants the farmers to get a good price for the crop as the output of chana has increased by 6 million tonne and they get a moral boost to continue with the pulse crop in the future also.

Annually about 25 million tonnes of pulses is consumed by the country. In the fiscal 2016-17, last year India had imported 5.8 million tonnes also import of similar quantities are expected this year.

The post On chana, Govt considering putting 25% import levy to save farmers appeared first on Trade Genius.