DGFT imposes curbs on palm oil imports
In addition to the restrictions on imports of refined palm oil imposed by the Directorate General of Foreign Trade (DGFT) on 8th Jan, India on Monday added more conditions on the commodity’s imports. As per the former directive, an importer will have to seek a license or permission or no-objection certificate for the imports. According to the new notifications, the applications for import authorisation should be accompanied with pre-purchase agreement and details of the import for past three years.
“Validity period of import licenses/authorizations for refined palm oil will be six months in place of usual 18 months. Total non-utilisation of import authorization by the applicant will lead to disqualification of the importer from getting any further license for these items in future,” it stated.
Further, the Customs will be required to implement the rules of origin criteria for import of refined palm oil originating from Nepal and Bangladesh. Rules of origin certificate is a key document required for exports to those countries with which India has trade agreements at Indian ports.