New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Recently government has extended the concessional import

    duties on edible oil by six months till ______, 2023.
    A January Correct Answer Incorrect Answer
    B February Correct Answer Incorrect Answer
    C March Correct Answer Incorrect Answer
    D April Correct Answer Incorrect Answer
    E May Correct Answer Incorrect Answer

    Solution

    To curb spike in future prices, the government has extended concessional duties on edible oil imports by six months to March 31, 2023. Currently, the basic customs duty on refined varieties of palm oil is 12.5%, while social welfare cess is 10%. So the effective duty is 13.75%. Similarly, the basic customs duty on refined soyabean and sunflower oil is 17.5% taking into consideration 10% social welfare cess, the effective duty comes to 19.25%.

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