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Govt Gets Into Action After RBI Points At Surging Dal Prices

24 May 2020 9:28 am
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Mumbai (Commodities Control) - Amid the nationwide lockdown leading to a surge in the prices of pulses in India, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday flagged the need for a review of the import duties levied on these products.

While Commerce ministry made announcements for reduction in deadline of import, for 4 Lakh tons of additional quota of urad, by 6 months to 31st August 2020. This means that the entire quantity will have to be imported in next 3 months.

Ministry of Commerce made the announcement through Gazette notification.

Some experts feel the duties would have to be brought down to at least 15% from duties as high as 50% at present, in order to ensure sufficient supply and stabilise these prices.

“The supply shock to food prices in April may show persistence over the next few months, depending upon the state of the lockdown and the time taken to restore the supply chains after relaxation of the lockdown. Among the pressure points, the elevated level of pulses inflation is worrisome and warrants timely and swift supply side interventions, including a re-appraisal of the import duties,” said Das during Friday’s announcement.

It was widely believed that Government might bring about significant changes in the import duties of pulses. Instead the import deadline on quota urad has been reduced.

It is to be noted that the import of additional quota of 2.5 Lk MT of urad, for 2019-20, is yet to be completed. On millers’ appeal, Government extended the deadline for import of additional quota of 2.5 Lakh MT of urad to 31st May.


       
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