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Finance Minister: no duty free wheat import by pvt traders
The wheat prices are unlikely to come down with Finance Minister P Chidambaram today categorically stating that no decision has been taken to allow private traders to import it duty free.
No decision has been taken to reduce the import duty. The earlier decision of CCEA remains, Mr Chidambaram told reporters here. The CCEA in June decided to reduce the import duty on wheat from 50 per cent to five per cent to boost supplies in the local market. When asked about the announcement made by Union Agriculture Minister Sharad Pawar that private traders can import wheat at zero per cent duty instead of current five per cent duty, the Finance Minister said the Cabinet would take a decision on this after a proposal in this regard was mooted by the Agriculture Ministry. On Monday, Mr Pawar said the orders for duty-free import of wheat would be passed shortly and this facility would be available for 4 to 5 months only. Since June, when the government cut import duty on wheat from 50 per cent to five per cent to allow private companies to supplement its efforts to import 5.5 million tonnes wheat in order to boost buffer stocks following lower than expected crop production, according to official estimates hardly 1.2 million tonnes wheat has so far been imported by traders. From: Tribune News Service, Aug-09,2006 By Dr arvind, Section Finance & Taxes Posted on Sat Sep 09, 2006 at 06:58:00 AM EST
Finance Minister: no duty free wheat import by pvt traders | 0 comments (0 topical, 0 hidden)
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