New Delhi: The government has tightened the rules for importing nil-import crude soybean and sunflower oils. To help cushion domestic costs, the government announced on May 24 that yearly imports of 2 million tonnes of the two edible oils will be duty-free for the next two years.
These imports were limited to oil processors with sufficient refining capacity. The government has now requested information on importers' turnover for the processing of crude edible oils in the previous three years. They will also be required to file GST returns. Previously, only processing capacity had been sought.
According to figures from the Solvent Extractors Association of India, India imported 2.58 million tn of crude soya bean oil from November to May, compared to 1.64 million tn a year ago, and 1.23 million tn of crude sunflower oil from November to May, compared to 1.28 million tn a year ago. After crude oil and gold, edible oil is India's third most imported commodity. India imports over 15 million tonnes of edible oil worth 750 billion rupees per year, making it the world's largest importer. India imports palm oil mostly from Indonesia and Malaysia.
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