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Centre Conducts Raids In Several States Over Hoarding Of Edible Oil

Central teams conducted raids in Madhya Pradesh, Gujarat and Rajasthan on Friday to check hoarding related to edible oil

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The government is behaving strictness on edible oil and oilseeds. Central teams conducted raids in Madhya Pradesh, Gujarat and Rajasthan on Friday to check hoarding related to edible oil.

Actually the government has received information that huge quantities of edible oil and oilseeds are being hoarded. Due to which the prices are increasing continuously due to less arrival in the market. This has a direct impact on inflation. Earlier, to curb inflation, the central government has recently taken a big decision regarding soybean oil and sunflower oil.

The government has announced the abolition of custom duty and agriculture infrastructure cess on import of 2 million tonnes of crude soybean and sunflower oil annually by March 2024.

In the notification issued by the Ministry of Finance, it was said that custom duty will not be imposed on 20 lakh tonnes of crude soybean and sunflower oil annually in the financial years 2022-23 and 2023-24. The government believes that this exemption in import duty will bring down domestic prices and help in controlling inflation.


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government of india hoarding edible oil