New Delhi, March 20 - India's federal government Thursday cut import taxes on edible oils and rice in a bid to check rising inflation.
The government reduced the import tax on crude palm oil, including crude palmolein, to 20% from the existing 45%, according to an official statement released by the finance ministry.
Duties on refined palm oil, including RBD palmolein, have been cut to 27.5% from 52.5%. The government also cut duties on crude rapeseed oil to 20% from 75% and on refined rapeseed oil to 27.5% from 75%, the statement said.
The government also reduced import tax on crude sunflower oil to 20% from 40% and cut duty on refined sunflower oil to 27.5% from 50%.
The government has also frozen the tariff values on crude and refined palm oil and palmolein at July 2006 prices.
The import tax on wholly-milled and semi-milled rice was abolished by the government, the statement added. The duty elimination on rice will be applicable till March 31, 2009.
India's wholesale price-based inflation rose to 5.92% for the week ended March 8, latest government figures showed Thursday.