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Import of refined oil via Nepal to avoid duty may start again, fear traders
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Tuesday, 24 September, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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To avoid duty on imported edible oil, traders fear that import of refined edible oil particularly soybean via Nepal could start, as under the South Asia Free Trade Agreement (SAFTA), the trade remains open between the two countries without much restriction.
National president of All India Edible Oil Traders Federation Shankar Thakkar said that the 'game' that was going on two years ago was ready to start again.
"After the Government of India increased the import duty on crude and refined edible oils by 20 per cent to provide relief to soybean farmers, the trend of importers importing edible oil at zero duty from Nepal and Bangladesh is gaining ground," said Thakkar.
The importers from Nepal and Bangladesh import it directly from major exporting countries and re-export it to India. In other cases, Indian importers import it from in the name of Nepali traders.
"The import of edible oil from Nepal to India is duty free, taking advantage of which this "refined oil is imported to India duty free. In this way, refined edible oil imported through Nepal is relatively cheaper and can be easily sold in the domestic market," Thakkar added.
But experts say that there is a provision in the SAFTA treaty with the help of which the huge import of refined edible oil from Nepal can be controlled. Under this provision, the refined edible oil imported to India must be produced in Nepal.
Thakkar demands that the government should take strict action against those who defraud crores of rupees of revenue and control illegal imports.
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