New Delhi: In a bid to safeguard the interest of domestic industry, the government has decided to increase the rate of customs duty on imports of subject goods originating in Malaysia to 5 percent.
Government seeks that the step will help limit import of Palm Oil from Malaysia, thereby benefiting domestic farmers directly.
“The Director General recommends increase in rate of customs duty on imports of subject goods originating in Malaysia by 5 percent, for a period of 180 days which is considered appropriate to safeguard the interest of domestic industry,” an official release said.
It is believed that the recent step will have positive impact on domestic industries using palm oil, while giving a boost to palm growers.
The notification came after application was filed under India - Malaysia Comprehensive Economic Cooperation Agreement by the Solvent Extractors’ Association of India on behalf of the Indian domestic producers alleging increased imports of “Refined Ble ached Deodorised Palm Oil” and “Refined Bleached Deodorised Palmolein” from Malaysia causing serious injury and threat of serious injury to the domestic producers of like or directly competitive product in India
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.