Current Affairs - Economy - Discussion

Discussion :: Economy - Latest Current Affairs (Q.No.149)


India has cut import taxes on crude and refined palm oil from ASEAN countries from 44% to __________.

[A]. 31%
[B]. 38%
[C]. 41%
[D]. 40%

Answer: Option D


The duty on crude palm oil from Malaysia, Indonesia and other members of the Association of South East Asian Nations (ASEAN) was cut to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of Asean. In March 2018, India had raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.

Pallavi said: (Jan 18, 2019)  
Why did India change the % import duty on crude oil and palm oil?

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