Question: Recently Government of India has scrapped the import duty on wheat , earlier it was how much?
(a) 15%
(b) 10%
(c) 5%
(d) 20%
Ans:(b)
Related facts:
- On 09 December 2016 Government of India has scrapped the import duty on wheat.
- Earlier the import duty on wheat was 10%.
- The decision was taken amid rising domestic prices and concerns of a dip in buffer stocks following two consecutive drought years.
- Finance Minister Arun Jaitley announced the lowering of import duty on wheat from 10 per cent to nil with immediate effect, without an end date, under section 159 of the Customs Act 1962.
- According to industry estimates, India has imported around 2.1 million tonnes of wheat since April.
- The government’s estimate to produce 93.5 million tonnes in 2015-16, an 8 per cent increase over 86.53 million tonnes in 2014-15 is off the mark.
- It may be recalled that earlier, in September, the wheat import duty was brought down to 10 per cent from 20 per cent.