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(From Business Line)
Washington DC, June 18. WITH a new Government at the Centre and a new Budgetary exercise underway, the vegetables oils-based industry associations have started to lobby the policymakers with the intention to wrest concessions.
Of the many demands and objections raised by the industry bodies, two bear scrutiny. One is the demand to create a wider differential in customs duty between crude and refined oils; and the second, removal of excise duty of Rs 1,000 a tonne on refined oils.
Hike in refined palm oil duty: A case is sought to be made out that a hike in basic customs duty to 85 per cent on import of refined palmoil/olein (the Government had lowered the duty to 70 per cent on April 1, 2003) would ensure remunerative prices to oilseed growers. It is represented that such a move would shield oilseed growers from the recent fall in prices - both international and domestic - and the possibility …