Govt to impose import duty of 10 pct on wheat: Arun Jaitley

By: | Published: August 7, 2015 1:42 PM

Government will impose an import duty of 10 percent on wheat effective until March 31 next year, Finance Minister Arun Jaitley told parliament on Friday

wheat productionGovernment will impose an import duty of 10 percent on wheat effective until March 31 next year, Finance Minister Arun Jaitley told parliament on Friday (Reuters)

Government will impose an import duty of 10 percent on wheat effective until March 31 next year, Finance Minister Arun Jaitley told parliament on Friday, reinstating tariffs after a gap of eight years following big purchases in recent months.

Reuters reported last week that a decision was taken after top officials from the ministries of farm, food, trade and finance met to discuss ways to curb overseas purchases when domestic stocks are ample.

In June some private firms signed deals to import 500,000 tonnes of high-protein Australian wheat in the biggest such purchases in more than a decade that led to criticism Prime Minister Narendra Modi’s government was letting down farmers.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition