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  • Cashew export body wants roll back of import duty on raw nuts

    Sep 22nd, 2016

    Thiruvananthapuram, Sept 22 (PTI) The Cashew Export Promotion Council of India (CEPCI) has requested the Centre to roll back the import duty imposed on raw nuts and implement a special package to revive the ailing cashew industry in the country.To address the alarming down trend in exports, the Council had recently submitted a five-point list of remedial measures to Union Finance Minister Arun Jaitley and Commerce and Industry Nirmala Sitharaman, CEPCI Chairman P Sundaran told a press meet here.He said certain clauses in the Foreign Trade policy had resulted in a fall of cashew exports from 41,995 MT during the period April-August, 2015 to 30,319 MT in the same period this year.

    There was also a notable fall in revenues of over 15 per cent from 2.1 crore to Rs 1.7 crore, he said. "The newly introduced import duty has hit the industry hard. As per the new provisions, duty free import is possible only if kernels weighing 25 per cent of the raw nuts imported, and worth 15 per cent more in value are exported within 18 months," he said, adding that the present out-turn stands at a disheartening 12 to 18 per cent. "The import duty adds up to 9.36 per cent, including special additional duty and cess. The price rise of raw cashew and processing charge hike also adversely affected the industry," Sundaran said. The Council also wanted the government to waive quantity norms on the Standard Input Output Norms retaining the prevailing value norms, with retrospective effect from April 1, 2016. In its petition to the centre, the Council also requested the government that action be taken against a processor only if he fails to meet his export obligations within the allowed time period of 18 months. It also noted that the difficulties and delays in obtaining Advance Authorisation from many ports, even after complying with all procedural formalities. "Apart from the import duty burden, the slashing of export incentives have also led to the drastic fall in exports," Sundaran said. "While the present Trade Policy gives priority to industries, which are agriculture based, labour oriented, women centric and export oriented, the cashew industry which more than qualifies under all these categories has been denied eligible benefits and subjected to a drastic cut in export incentives," he added.


    Source: http://indiatoday.intoday.in/