Government bans edible oil exports for one year

March 19th, 2008 - 12:29 am ICT by admin  

Rajkot (Gujarat), March 18 (IANS) The central government Tuesday banned export of all edible oils for one year with immediate effect to check the rise of domestic prices. Under a notification by the director general of foreign trade (DGFT), the department of commerce banned the export of all edible oils falling under Chapter 15 of Schedule 1.

The ban is enforced with immediate effect from March 17, 2008 and will be in force for one year from the date of the issue.

The notification has been signed by DGFT R.S. Gujral.

The government’s move to ban export of all cooking oils for a year to improve domestic supplies would have implications on the rising prices of edible oil, which have surged to a new high this year.

Saurashtra is a major producer of groundnut oil, while soya oil is the major edible oil produced in Madhya Pradesh. Other edible oils being exported from the country include mustards oil, cottonseed oil and sesame seed oil.

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