India: Central government raids several states for hoarding edible oil
India
Published May 29, 2022
Tridge summary
By March 2024, the government plans to abolish the custom duty and agriculture infrastructure cess on imports of 2 million tonnes of crude soybean and sunflower oil. On edible oil and oilseeds, the government is tight. On Friday, central teams raided Madhya Pradesh, Gujarat, and Rajasthan to check for edible oil hoarding.
Original content
On edible oil and oilseeds, the government is tight. On Friday, central teams raided Madhya Pradesh, Gujarat, and Rajasthan to check for edible oil hoarding. The government has learned that large quantities of edible oil and oilseeds are being stored. As a result of the lower number of people entering the market, prices are steadily rising. Inflation is directly affected as a result of this. Previously, the central government made a major decision about soybean and sunflower oil to reduce inflation. By March 2024, the government plans to abolish the custom duty and agriculture infrastructure cess on imports of 2 million tonnes of crude soybean and sunflower oil. Edible Oil prices are on the rise; Find the reason in this article.… Customs duty would not be charged on 20 lakh tonnes of crude soybean and sunflower oil yearly in the financial years 2022-23 and 2023-24, according to a notification issued by the Ministry of Finance. The government believes that exempting imports from ...
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