Govt extends ban on edible oil exports till sep 2012

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Govt Extends Ban On Edible Oil Exports Till Sep 2012

 

The government on Wednesday extended ban on export of edible oils by one more year till September 2012 but exempted export of edible oil in branded consumer packs with a ceiling of 10,000 tonnes.

 

"Now the ban on export of edible oil is extended up to September 30, 2012," a notification of Ministry of Commerce & Industry said here.

 

Export of edible oil was initially prohibited for a period of one year with effect from March 17, 2008 which was extended from time to time and was presently in action up to September 30, 2011.

    

But, it provided exemption for export of edible oil in branded consumer packs with a ceiling of 10,000 tonnes from November 1 this year to October 31, 2012.

    

Export of fish oil continues to be free as per notification of 2008.

    

India produced a record 31.10 million tonne oilseeds in the 2010-11 crop year ending June.

    

According to the fourth advance estimates prepared by the agriculture ministry, the country is estimated to have harvested a record 12.66 million tonne (MT) of soyabean, 7.54 MT of groundnut and 7.67 MT of rapeseed and mustard.

    

The oilseeds production has surpassed the third estimate at 30.25 MT which itself was a record. Trade sources said the leap in oilseeds production is bound to reduce the country's import of the vegetable oil by about 1 million tonne.

 

Source: zeenews.india.com

 
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