Govt of India cut the agri-cess on Crude Palm Oil from 7.5 per cent to 5 per cent // Some Information about Palm Oil and the step // 2022 19th February Current Affairs //

Govt of India cut the agri-cess on Crude Palm Oil from 7.5 per cent to 5 per cent:

To provide relief to Indian consumers and to keep in check the growing inflation in prices of domestic edible oils, the Govt. of India decided to reduce the agri-cess for Crude Palm Oil from 7.5 per cent to 5 per cent. The current basic rate of import duty of zero per cent on Crude Palm Oil, Crude Soyabean oil, and Crude Sunflower Oil up to the 30th of September this year. This will give relief to consumers and prevent a further rise in the price of domestic edible oils.

The 12.5 per cent import duty on refined palm oils, 17.5 per cent on refined soyabean oil, and 17.5 per cent on refined sunflower oil will continue to stand until September 30, 2022, or up to any further decision. In addition to this the Govt. of India under the Essential Commodities Act of 1955, the government has set the limit for stocking edible oils and oilseeds up to June 30th of this year.

SPECIAL NOTES FOR ASPIRANTS:

• Currently, Indonesia is the world's largest producer of palm oil, followed by Malaysia.

• Palm oil is obtained from the mesoderm of Oil palms fruit.

• Palm oil accounts for one-third of global oils produced from oil crops.