To tame prices, govt cuts import duty on palm oil

The government on Thursday reduced the basic customs duty (BCD) on crude palm oil to 27.5% in its bid to increase availability of the edible oil in the domestic market. The current BCD on crude palm oil is 37.5%. The reduced rate will come to effect from Friday. The move comes barely a week after the issue of rising prices of edible oil came up for discussion at a meeting of the Group of Ministers headed by home minister Amit Shah.