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Palm oil tariff change in effective date sought

G. Chandrashekhar

MUMBAI, Aug. 9

SEVERAL edible oil consignments, the documents of which were cleared by customs houses on August 3 as per routine assessment procedure (without bringing them under the ambit of notification fixing tariff value for palm oils), may be re-assessed and less- charge demand slapped, importers fear.

They point out that although the notification fixing tariff values was dated August 3, it actually came to the knowledge of the traders earliest on August 4 only. Importers want the notification to be made applicable from August 4.

In a representation to the Ministry of Finance, the Mumbai-based All-India Vegetable Oil and Oilseeds Importers Association has suggested that all bills of entry cleared and passed up to the close of working hours on August 3 should not reassessed.

Reassessment and demand of duty differential will not only lead to confusion, but also to litigation, the association has warned, adding that it may create temporary shortage of edible oil and increase in the price of this essential commodity to an unrea sonable level in the coming festival season.

It has pointed out that goods are cleared every day by paying the prevailing rate of duty and sold on a day to day basis as per market price.