Govt slaps 5 pc safeguard duty on palm oil imports from Malaysia
The revenue department on Wednesday imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players.
The safeguard duty on 'Refined Bleached Deodorized Palmolein and Refined Bleached Deodorized Palm Oil' has been imposed following a recommendation by the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) for 180 days.
The revenue department has issued a notification to "increases the rate of duty of customs by 5 per cent" on the product, commonly used to formulate trans-free fats such as margarine, shortening and vegetable ghee.
The DGTR had conducted a probe into alleged jump in imports of the product from Malaysia, after a complaint from Solvent Extractors' Association of India (SEA).
It had recommended "an increase in rate of duty of customs by 5 per cent, for a period of 180 days" on the imports, originating in Malaysia and .