- September 4, 2019
- Posted by: admin
- Category: Daily News
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- 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
4-Sep-2019