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SOPA asks govt to maintain existing duty structure on soyoil

The Soybean Processors Association of India (SOPA) has urged the Governing administration to retain the existing duty composition on soybean oil and sunflower seed oil.

In a letter to Piyush Goyal, Union Minister for Commerce and Marketplace, Davish Jain, Chairman of SOPA, mentioned that the countries exporting edible oil usually just take advantage of India’s place as the second biggest importer. The reduction in customs duty in India is, most of the time, negated by both an raise in edible oil selling price by the exporters or by a levy of export tax by the authorities in the exporting nation, he mentioned.

Offering the occasion of the Government’s go to cut down customs duty on crude palm oil (CPO) on November 26, he mentioned Indonesia, the biggest exporter of CPO, has amplified the export tax by $30 for each tonne. In the procedure, element of the reward of duty reduction has long gone to the Indonesian authorities, he mentioned.

Stating that the Governing administration will be getting rid of profits without the need of any sizeable reward to the people, he mentioned any reduction in customs duty sends a adverse signal to the oilseed farmers.

“We would earnestly ask for the authorities to retain the existing duty composition on soybean oil and sunflower seed oil in the interest of Indian oilseed farmers,” he mentioned in the letter.