Government bans export of all edible oils for one year

NEW DELHI. The Government of India has with immediate effect prohibited export of all edible oils including Palm Oils. The Notification No. 85 dated 17.3.2008 has been issued by DGFT in this regard. This is another anti-inflation measure adopted by the Government after the ban on export of non-basmati rice.

Further, to contain the prices of edible oil; the Government  also has the option of lowering of  Customs duty on import of edible oil as India is a major Importer of Palm oil from Indonesia and other countries.

Prior to the ban imposed by the above Notification, export of edible oils was freely allowed under Foreign Trade Policy. But with the Notification No. 85 dated 17.3.2008 export of all edible oils has been prohibited with immediate effect. The ban imposed by Notification No. 85 dated 17.3.2008 will be applicable for a period of one year from the date of issue of Notification No. 85 dated 17.3.2008. Further, transitional arrangements allowed under Para 1.5 of Foreign Trade Policy, 2004-2009, shall not be applicable to the ban imposed vide Notification No. 85 dated 17.3.2008.

The ban is likely to remain in place till next general elections of India.

NOTIFICATION NO. 85 (RE-2007)/2004-2009

NEW DELHI, THE 17th MARCH, 2008

S.O.(E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments to the ITC(HS) Classifications of Export and Import items, 2004-2009 as amended from time to time :

With effect from 17.3.2008, the following new entry shall be inserted after entry at Sl. No.67 in Chapter 15 under Schedule 2 of ITC(HS) : –

Sl. No.

Tariff Item

HS Code

Unit

Item description

Export Policy

Nature of Restriction

67A

Codes pertaining to all edible oils under Chapter 15 of Schedule I

Kg.

All edible oils under Chapter 15 of Schedule I

Prohibited

Not permitted to be exported

2. Transitional arrangements allowed under Para 1.5 of the Foreign Trade Policy, 2004-2009, shall, in public interest, not be applicable to the ban imposed above.

3. The ban imposed vide this Notification shall be applicable for one (1) year from the date of this Notification.

4. This issues in Public Interest.

(R.S. GUJRAL)

Director General of Foreign Trade

And Ex-Officio Additional Secretary to the Govt. of India 

(Issued from F. No. 01/91/180/1846/AM08/Export Cell) (Source: Allindiantaxes)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: