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SEA, COOIT seek correction of inverted duty structure
OCTOBER 31: A high-level team from both The Solvent Extractors' Association (SEA) of India, Mumbai, and The Central Organisation for Oil Industry and Trade (COOIT) last week met various ministers and ministry officials appealing once again to reiterate their joint demand for the correction of the inverted duty structure in the oilseeds and edible oils trade. The team met minister for consumer affairs and public distribution Shanta Kumar, minister of state for finance Balasaheb Vikhe Patil, secretary agriculture ministry JNL Srivastava and secretary, commerce ministry SM Acharya. The extraction industry has suggested the government to impose a high duty of 25 per cent on the import of edible oils, 15 per cent on raw unrefined oil and a low of five per cent on import of oilseeds. Currently, edible oils attract 15 per cent import duty, whereas seeds are allowed to be imported at a high of 40 per cent.During the presentation, SEA and COOIT appraised the ministry officials about the fact that soya beans are currently sold below the minimum support price, which if continued would led to unrest by farmers when the seed arrivals begin in full swing from mid-November. "Any increase in edible oil import would not affect the consumers, but benefit the farmers and the extraction industry," said a SEA note adding that the representation was well-taken and we are quite hopeful that the government would consider and decide the matter favourably. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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