India likely to double import duty of Wheat

Commodity Online |Oct 05,2017

The government is likely to increase import duty on Wheat to 20-25 per cent from 10% to curb cheap shipments and give positive price signal to farmers who will start sowing winter crop after the Diwali festival, an official source said.In March, the government had imposed 10% import duty on Wheat to contain sharp fall in local prices in view of bumper crop of 98.38 million tonnes in 2016-17 crop year (July-June).The trade data showed that private traders imported about 8.5 lakh tonnes of Wheat since April at 10% import duty. Another 1.5 lakh tonnes of shipments are expected to arriveā€¦

Source:https://www.commodityonline.com/commodity-news/india-likely-to-double-import-duty-of-wheat/news-now/17054

2017-10-05T17:10:13+00:00 October 5th, 2017|Agri Commodities|