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Customs duty on imports from Malaysia hiked by 5 pc
Economy

Customs duty on imports from Malaysia hiked by 5 pc

Agency News

New Delhi, Aug 26: The Government has decided to increase the rate of customs duty on imports of subject goods originating in Malaysia to five per cent, to safeguard the interest of domestic industry.

It will help limit import of Palm Oil from Malaysia, thereby benefiting country's farmers directly.

''The Director General recommends increase in rate of customs duty on imports of subject goods originating in Malaysia by 5 per cent, for a period of 180 days which is considered appropriate to safeguard the interests of domestic industry,'' an official statement said here on Monday.

Import of ''Refined Bleached Deodorised Palmolein and Refined Bleached Deodorised Palm Oil'' into India from Malaysia under India-Malaysia Comprehensive Economic Cooperation Agreement has been under investigation.

Additionally, the Director General has invited comments on preliminary findings from all known interested parties within 21 days from the date of issue of preliminary findings. The comments received from them would be examined in the final findings, it said.

Palm oil is used by several industries in food products, detergents and cosmetics, among others.

As a result of significant surge in imports from Malaysia, the domestic producers have suffered in terms of significant decline in production, sales, capacity utilization, market share, profits out of refining operations and manpower deployed for processing the product. (UNI)