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Govt notifies norms for import of 5 lakh tonne maize at concessional duty


Date: 25-06-2020
Subject: Govt notifies norms for import of 5 lakh tonne maize at concessional duty
The government has notified norms for import of 5 lakh tonne of maize this year at a concessional customs duty of 15 percent, a move aimed at increasing availability of the commodity in the domestic market.

These imports are permitted under Tariff Rate Quota Scheme in which the government allows imports of four products, including maize (corn), at concessional rates of customs duty.

It has also notified the norms for imports of 10,000 tonne of milk and cream powder for this year at a concessional duty of 15 percent.

Besides, 1.5 lakh tonne each of refined rape, colza or mustard oil and crude sunflower seed or safflower oil will be imported at 45 percent and 50 percent duty, respectively.

In a notification, the Department of Revenue has said it "seeks to prescribe the manner and modalities in respect of WTO (World Trade Organization) committed in-quota tariffs on specified items".

At present, maize attracts 50 percent import duty.

India has been traditionally a major corn exporter to southeast Asia but drought and rising domestic demand led to cut in export supplies. Poultry sector and starch manufacturers are the major consumer of maize.

Source:- moneycontrol.com

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