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 Customs Notification No-08/2007 dated 24.01.2007
 Reduction in customs duty on edible oils
 
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide number G.S.R.118 (E), dated the 1st March, 2002, namely:-

In the said notification, in the Table,-

i) against S.No. 34, in column (3), against items (A), (B) and (C), for the entries in column (4), the entry “60%” shall respectively be substituted;

ii) after S.No.36 and the entries relating thereto, the following entries shall be inserted, namely:-
 
(1) (2) (3) (4) (5) (6)
“36A 15121110 All goods 65% - -
36B 15121910 All goods 75% - -“;

iii) against S.No. 434, for the entry in column (4), the entry “67.5%” shall be substituted.

[F.No. 354/106/2006-TRU]

(S.Bajaj)
Under Secretary to the Government of India

Note: The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification No.6/2007-Customs, dated the 22nd January, 2007 which was published in the Gazette of India, Extraordinary vide number G.S.R.39(E), dated the 22nd January, 2007.
Press Release
Subject: Reduction in customs duty on edible oils

As part of its strategy to keep the prices of essential commodities under check, Government had earlier exempted customs duty on wheat and pulses, and had reduced customs duty on palm oils by 10%. Government had also frozen the tariff values for the palm group of oils at July, 2006 levels.

2. Keeping in view the high prices of edible oils, it has been decided to further reduce the customs duty on specified edible oils as under:

(a) Crude palm oil, crude palmolein and other fractions of crude palm oil from 70% to 60%;

(b) Refined Bleached Deodorized (RBD) palm oil, RBD palmolein and other refined palm oils from 80% to 67.5%;

(c) Crude sunflower oil from 75% to 65%; and

(d) Refined sunflower oil from 85% to 75%.

4. Reduction in customs duty will reduce the landed cost of these oils, and is expected to soften the domestic prices of edible oils. The tariff values for the palm group of oils will also continue to remain frozen at July, 2006 levels.

5. Notification No.8/2007-Customs dated 24th January, 2007 has been issued in this regard.