Centre slaps 10% wheat import duty after 8 years
BY PTI8 Aug 2015 1:07 AM GMT
PTI8 Aug 2015 1:07 AM GMT
After a gap of eight years, <g data-gr-id="15">government</g> on Friday imposed 10 per cent import duty on wheat till March 2016 to curb inward shipments at a time when there is excess domestic stock.
The move is expected to help the government fetch about Rs 90 crore. Finance Minister Arun Jaitley laid a copy of the notification on the decision in the Lok Sabha, saying it seeks to "impose basic customs duty of 10 per cent on wheat till March 31, <g data-gr-id="14">2016</g> under Section 159 of the Customs Act 1962.
"The estimated revenue implicate of the above exemption is revenue gain of about Rs 90 crore in the remaining part of the year".Â
Imports are happening despite bumper domestic wheat output in 2014-15 crop year and surplus stocks with the Food Corporation of India (FCI), the nodal agency for procurement and distribution of foodgrains.Â
Paddy sowing rises by 4.5%Â
 Paddy sowing has increased by 4.50 <g data-gr-id="26">per cent</g> to 277.89 lakh hectares so far in the ongoing <g data-gr-id="25">kharif</g> season compared with the last year. The area under paddy last year at the same time was 265.90 lakh hectares. <g data-gr-id="28">Similarly</g> the area under other <g data-gr-id="27">kharif</g> crops such as oilseeds, coarse cereals, pulses and cotton has also increased.Â
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