New Delhi: The government extended the free import policy for refined bleached deodorised palm oil and refined bleached deodorised palmolein by one year to December 31, 2022, but with the caveat that imports are not permitted through any port in Kerala. The Directorate General of Foreign Trade lifted import restrictions until December 31st of this year June.
"The free import policy of items is extended until December 31, 2022," the Directorate General of Foreign Trade said in a notification on Monday.
The announcement comes after the market regulator Securities and Exchange Board of India (SEBI) ordered a year-long suspension of futures trading in soybean, soyoil, crude palm oil, wheat, paddy rice, chickpea, green gramme, rapeseed, and mustard. SEBI directed commodity exchanges on Monday not to launch futures contracts for these products.
Crude palm oil is refined into refined bleached deodorised palm oil. The top producers of palm oil are Indonesia and Malaysia, and India is the largest importer of vegetable oil.