India cuts basic import duty on edible oils
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MUMBAI - India slashed the basic import duty on crude palm oil (CPO) to 15% from 27.5% earlier, Finance Minister Nirmala Sitharaman said on Monday.
The basic custom duty on soybean oil and sunflower oil also cut 15% from 35% earlier Sitharaman said in her annual budget presented for 2021/22 financial year.
The government has proposed 17.5% cess on CPO and 20% cess on crude soybean and sunflower oil, she said.
India is the world's biggest importer of vegetable oils.
(Reporting by Rajendra Jadhav, editing by Louise Heavens)
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