Lift mustard futures ban, raise import duty: Trade body to Centre
By Sanjeeb Mukherjee
Leading trade associations of edible oil producers in separate memorandums have demanded immediate raising of import duty on edible oils, particularly refined palm oil, to at least 20 per cent from the present 13.75 per cent.
The associations — the Mustard Oil Producers Association of India, Central Organization for Oil Industry and Trade and the Solvent Extractors Association – also demanded restarting the futures trade in mustard seed and resumption of procurement operations either through Nafed or state agencies.
The associations said the measures were extremely necessary to stop the free fall in mustard seed prices, which dropped below the MSP of Rs 5,450 per quintal due to pressure from heavy arrivals and import of cheap edible oils.
This article has been republished from The Business Standard