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09-Nov2017

Government hikes import duty on wheat to 20%

The government has increased the rate of basic customs duty on wheat from 10% to 20%. This step has been taken in order to curb cheap shipments and give positive price signal to farmers in the ongoing Rabi season.

Earlier in March, the government had imposed 10% import duty on wheat to contain sharp fall in local prices in view of bumper crop of 98.38 million tonnes in 2016-17 crop year (July-June).

Besides, it has also imposed import duty of 50% on peas to check cheaper shipments from countries like Canada and boost domestic prices.



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