Import Duty on wheat doubled to 20 percent

New Delhi, November 9: The Import duty on wheat has been doubled to 20 percent by the government so that the cheap shipments should be curbed down and in the ongoing Rabi season positive price signal will be given to the farmers in which they will be benefited.

 

An Import duty of 50 percent has also been increased on yellow peas to boost the domestic prices and also the cheaper shipments from the countries like Canada will be checked.

 

The Central Board of Excise and Customs (CBEC) in its notification stated that it is an attempt to increase the rate of basic customs duty on wheat from 10 to 20 percent and on Yellow Peas from present zero percent rate to 50 percent.

To contain sharp fall in local prices in view of the bumper crop of 98.38 million tonnes in 2016-17 crop year the government in March had imposed 10 percent import duty on wheat. In 2006-07, 53.79 Lakh Metric Ton of wheat were imported from Australia, Russia, Canada, Argentina, France, Ukraine, Hungary.