Restriction on import of edible oil lifted
Restriction on import of edible oil lifted Centre lifted the ban on import of edible oil sourced from genetically modified (GM ) oilseeds, reports Economic Times.
India, which is world`s leading importer of edible oils, was affected by this ban due to its helplessness to meet the demands in the domestic market. To simplify trade, the directorate general of foreign trade (DGFT) has deleted a condition on import of edible oils sourced from GM oilseeds. The purpose of such rule was aimed at protecting farmer’s interests. It was reported that there is no scientific process to certify if the oil was sourced from normal or GM seeds.
With increasing demand in the market, the decision of not being able to segregate the normal edible oil from the oil sourced from GM oilseeds has been communicated to State Trading Corporati on and MMTC.
According to this, GEAC approval would not be required for import of genetic modified soybean oil as the oil is not a living modified organism.
This project will be implemented within a span of 3 to 6 months, and DGFT has begun a trial run of online filing of various documents by foreign traders. Online duty entitlement passbook scheme have been begun by DGFT. It has plans to do the same with certain other documentation to save foreign traders time.
