SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

SEA demands increase in import duty on refined veg oil to 12.5 per cent

24 Apr 2013 Evaluate

Solvent Extractors Association (SEA) in view of the cheaper import of refined palm oil hitting the business of local vegetable oil refiners, has demanded an increase in the import duty on refined oil by 5 per cent to 12.5 per cent from the present 7.5 percent. The Association has also demanded the Government to extend duty-free import of oilcakes, used as animal feed, beyond March 31, and include rice bran, palm kernel cake and copra cake in the basket of oilcakes.

The Association has further stated that the demand is in line with the recommendations made by the Economic Survey and Tariff Commission to have a duty difference of 10 per cent between the two kinds of vegetable oils. According to the industry body, raising the import duty of refined oils will enable the Government to earn extra revenue, part of which can be utilised to subsidise the sale of palm oil via ration shops whenever needed. The fund can also be utilised for the development of oilseeds and oil palm development programme.

At present, the import duty on refined vegetable oils is 7.5 per cent, while it is 2.5 per cent on crude vegetable oils. The narrow duty differential between refined palmolein and crude palm oil has further led to large-scale import of refined palmolein, thereby resulting in under-utilisation capacity of the refining industry in India.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: