After this year’s Budget, the Central Government has reduced the import duty on the following essential commodities, inter alia, aimed at stabilizing the prices of these commodities in the country, namely:-
Reduction in import duty on wheat from 25% to 10% with effect from 23.09.2016 for a period upto 28.02.2017 [notification No.51/2016-Customs, dated 23.09.2016] which was subsequently further reduced to Nil with effect from 08.12.2016 without any end date [notification No.60/2016-Customs, dated 08.12.2016].
Reduction in import duty on potatoes from 30% to 10% with effect from 23.09.2016 for a period upto 31.10.2016 [notification No.51/2016-Customs, dated 23.09.2016].
Reduction in import duty on crude palm oil of edible grade from 12.5% to 7.5%, and on refined palm oil of edible grade from 20% to 15% [notification No.51/2016-Customs, dated 23.09.2016].