New Delhi: The union government announced its decision on import prices of crude and refined palm oil and soya oil. The government reduced the base import prices of crude and refined palm oil. It also hiked the price of crude soya oil.
Union government revises base import prices of edible oils, gold and silver every fortnight. The updated prices are used to calculate the amount of tax an importer needs to pay. Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.
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India is the world’s biggest edible oils importer. Last week, the government allowed duty free imports for 2 million tonnes of soya oil.
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