India: Govt slaps 5% safeguard duty on palm oil imports from Malaysia

• The revenue department on 4 Sep 19 imposed 5% safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50% for six months, a move aimed at protecting interest of domestic players.
• The revenue department has issued a notification to “increases the rate of duty of customs by 5%” on the product, commonly used to formulate trans-free fats such as margarine, shortening and vegetable ghee.
• The DGTR had said that critical circumstances exist where delay in imposition of safeguard measures would cause irreparable damage to the domestic producers.
• Its investigation into the imports is being carried out under India-Malaysia Comprehensive Economic Cooperation Agreement (Bilateral Safeguard Measures) Rules, 2017

External Link : https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-slaps-5-pc-safeguard-duty-on-palm-oil-imports-from-malaysia/articleshow/70982609.cms