ANNOUNCEMENT 23 Jan 2013In January 2013, the government of India announced a change in import duties.
NUMBER OF INTERVENTIONS
Notification No. 2/2013-Customs
Media report: http://articles.economictimes.indiatimes.com/2013-01-30/news/36635930_1_dorab-mistry-edible-oil-palm-oil
Original tariffs: http://www.cbec.gov.in/ub1213/cs12-2012.pdf
On 23 January 2013, the Indian Ministry of Finance imposed import duties of 2.5% on crude edible oils (palm oil, soya oil, groundnut oil and the like). Following recent developments in the inflation levels and the reduction in imports costs of crude oil (mainly from Malaysia and Indonesia), the Ministry deemed it necessary to increase import duties in order to protect Indian farmers from a fall in price of these products.
The Notification No. 02/2013-Customs was published in this regard.
The duties were increased further to 7.5% on 24 December 2014 (see related measure).