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India Postponed 39 Palm Oil Import Licenses from Nepal and Bangladesh



India Postponed 39 Palm Oil Import Licenses from Nepal and Bangladesh

InfoSAWIT, INDIA – 39 licenses to import about 452.303 tons of palm oil to India were officially postponed by saying that Nepal and Bangladesh are not the main producers. As quoted from Reuters, it was postponed to minimize the palm oil import in India for the next months and to increase the soybean and sunflower imports.

Since the early of January 2020, India has imported processed palm oil and palm-olein in the forbidden lists. But New Delhi keeps publishing license to import processed palm-olein from Nepal and Bangladesh. “Palm oil imports from Nepal increased 314% to be 189.078 tons in the fiscal year which ended on 31 March 2020, while the imports from Bangladesh increased 500%,” the government’s circulars noted.

“The increasing vegetable oil trade is free of incoming tax which has issue to the trade in India and weakens the efforts of the government to increase the seed oil price by making higher tax import,” President of Solvent Extractors Association of India (SEA), Atul Chaturvedi said. From the licenses postponed, 37 licenses were published to the commodity sources from Bangladesh and Nepal. Two licenses are for Indonesia. (T2)

The complete article could be read in InfoSAWIT, July 2020

 


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