Govt to discontinue import of crude soybean oil under tariff rate quota

TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports

soyabean
Image via Shutterstock
Press Trust of India New Delhi
1 min read Last Updated : Jan 12 2023 | 12:20 AM IST

The government on Wednesday said that it has decided to discontinue import of crude soybean oil under tariff rate quota (TRQ) from April 1 this year.

TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports.

"Last date for import of crude soybean oil under TRQ has been revised to March 31, 2023. Further, no allocation of TRQs for import of crude soybean oil shall be made for 2023-24," the directorate general of foreign trade (DGFT) said in a public notice.

The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices.

The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude soybean oil and crude sunflower oil. Now it is applicable only for crude sunflower seed oil.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :importsoyabeanOil importstariffsDGFT

First Published: Jan 12 2023 | 12:07 AM IST

Next Story