India on Monday extended the "free" import policy for different kinds of palm oils till the end of 2022. As per a Ministry of Commerce and Industry notification, the import is free for a period up to December 31, 2022.
Imports of refined, bleached and deodorized palm oil or RBD palm oil, RBD palm olein, as well as other chemically unmodified fractions of palm oil will come under the free import policy till end of next year, India's Directorate General of Foreign Trade said in a notification on December 20, reported S&P Global Platts.
In June, the Centre removed import restrictions till December 31, 2021. However, imports are not permitted through any port in Kerala.
"Free' import policy of items under HS code 15119010, 15119020 and 15119090 is extended for a period up to December 31, 2022," the notification said.
The move comes after international prices of crude palm, and RBD palmolein-based edible oils have risen substantially.
The government in June this year introduced free imports of refined palm oil to curb rising food inflation and vegetable oil prices. Due to which, the share of refined oils rose to 5 per cent of total vegetable oil imports in marketing year 2020-21 (November-October) from 3 pr cent in 2019-20, the data from national trade body the Solvent Extractors' Association of India showed.
RBD palmolein requires no refining and is usually the cheapest vegetable oil import available to Indian buyers.
(With media inputs)
