Government Scraps 10 percent Import Duty on Wheat to improve Domestic Availibilty

Government Scraps 10 percent Import Duty on Wheat to improve Domestic Availibilty . The government on December 8, 2016, scrapped the 10 percent import duty on wheat due to the rising domestic prices and shortage in the buffer stocks arising out of the consecutive drought in the years 2014 and 2015. Government Scraps 10 percent Import Duty on Wheat to improve Domestic

Availibilty.Finance Minister Arun Jaitley announced the scrapping of import duty on wheat from 10 per cent to nil with immediate effect under section 159 of the Customs Act 1962.  

The decision is likely to lower the domestic wheat prices and keep the food inflation under control.

.Earlier in September 2016, the import duty was reduced from 25 percent to 10 per cent. Wheat traders have anticipated the imports to touch 5 million tonnes this year.