Tariff value of specified goods further revised
Dated 15th December, 2017 | Copy of | Notification No.116/2017-Customs In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.748 (E), dated the 3rd August, 2001, namely:- In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:- Sd/- (Zubair Riaz) Director (Customs) F.No.467/01/2017-Cus-V Issued by: Ministry ...
Indias palm oil imports increase by 2.25% in April
The Dollar Business Bureau India had imported 7,36,036 tonnes of palm oil in April 2017. It is one of the leading buyers of vegetable oils in the world. Its total vegetable oil import increased by 7% to 13,39,489 tonnes in April this year, from 12,48,887 tonnes of the previous year. According to the industry body, Solvent Extractors Association (SEA), in April India’s palm oil imports rose 2.25% to 7,52,632 tonnes due to higher shipment of crude palm oil. Of the total oils imported into India palm oils take up 62% of the share. In the first half of the year vegetable oils imports declined to 43,02135 tonnes from 43,40,890 tonnes imported the previous year. SEA says the difference in the landed price between ...
CBEC revises tariff value of specified goods
The Dollar Business Bureau Central Board of Excise & Customs (CBEC) has revised tariff value of specified goods including palm oil, soya bean oil, poppy seeds, areca nuts, brass scrap, gold and silver, among others in its notification no.- No.123/2016-Customs (N.T.) issued on Friday. The tariff value of crude palm oil, RBD palm oil and palm oil (others) has been revised to $767 per metric tonne, $776 per metric tonne and $772 per metric tonne, respectively. In addition, the tariff value per metric tonne has been revised of other specific goods, including crude palmolein ($811), RBD palmolein ($814), palmolein - others ($813), crude soya bean oil ($827), brass scrap - all grades ($3055), poppy seeds ($2533) and areca nuts ($2623). Gold, in any form, now has ...
Indias oilmeal exports jumps two-fold in July
The Dollar Business Bureau India’s oilmeal exports jumped two-fold to 87,944 tonnes in July in the wake of higher outbound shipment of castorseed meal to South Korea, said the industry body, Solvent Extractors Association of India (SEA) on Friday. On the other hand, exports of oilmeal during the April-July period of the current fiscal dropped 47 percent to 2,74,237 tonnes against the 5,17,914 tonnes in the same period a year earlier. In July 2015, India had exported 44,238 tonnes of oilmeal, which was utilised as animal feed. The Mumbai-based industry body, SEA, attributed a drop in the exports of oilmeal during the April-July quarter to lesser availability of oilseeds for crushing and also due to the constant disparity in shipping oilmeal to the foreign markets. According ...
Vegetable oil imports decline by 25% in May
The Dollar Business Bureau India’s overall vegetable oil imports dropped, for the first time since November 2013, in May 2016. The vegetable oil import declined to 1,024,878 tonnes, which is 25% lower than the registered imports of May 2015. According to monthly records, the total vegetable oil imports of May 2016 declined by 2, 00,000 tonnes from 1,248,887 tonnes recorded in April 2016, reveals the data gathered by Solvent Extractors’ Association of India. The fall in imports is attributed to low demand and availability of cheap alternate edible oils. The gap between the prices of refined Soya oil and refined palm oil declined to Rs 25/10kg against Rs. 100. The low prices, easy availability of local oils reduced the imports, believe traders. While the plentiful availability ...
Oil seeds production to decline by 10% in 2015-16
Deepak Kumar | The Dollar Business Even as the Indian edible oil processing industry is largely dependent on imports, the country’s oil seeds crop is estimated to decline further to about 126.10 lakh tonnes during the current kharif season, lower than 141.15 lakh tonnes produced last season. Total oil seeds trade during 2015-16 is projected to be 240.85 lakh tonnes, down almost 10% from 266.85 lakh tonnes during the previous fiscal. Vegetable oil yield from kharif oil seeds crops and other sources is estimated to be around 50.95 lakh tones, slightly lower than 53.57 lakh tonnes produced a year ago. Industry experts attributed this decline to an uncompetitive domestic market and sought government’s active support in encouraging farmers to boost domestic ...
