India extends policy to import refined palm oil at lower tariffs

By Rajendra Jadhav MUMBAI (Reuters) - India has expanded its refined palm oil import policy with lower tariffs and allowed the import of 51,000 tonnes of cotton without tariffs in 2023, the government said in a notification late on Thursday (29). The concessional rights structure for refined palm oil was due to expire on 31 December. It has been extended "until further notice", the government said. In December 2021, India cut the basic import duty on refined palm oil and reduced the total duty on its imports to 13.75% from 19.25% before. The tax cut has made refined palm oil imports profitable for Indian refiners, who traditionally prefer to import crude palm oil. "Imports of refined palm oil have increased this year because of lower taxes. Even in the coming months, we will continue to see imports of around 200,000 tonnes of refined palm oil per month," said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consulting firm. India imports more than ...