New Delhi: In a bid to check wheat prices, the Union Government has slashed import duty on foodgrains from a scheduled rate of 50 per cent to 5 per cent.
The decision was taken keeping in view the increase in prices of essential commodities especially sugar, pulses and wheat in the domestic market.
The move is politically significant as the Government has been facing severe flak for rise in foodgrain prices.
These imports will be allowed under OGL and quality standards remain the same as notified for public sector imports, said a government statement.
The concessional rate is valid till December 31, 2006. The move came in the wake of reduction of import duties on pulses and sugar earlier.
Earlier, the government had allowed import of pulses at zero import duty till March 31, 2007. Subsequently, imports of sugar at zero basic customs duty had been allowed till September 30, 2006.
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