Import Duty Concession : Wheat

Private players have reported the import of 749,000 tonne wheat so far in the current financial year, according to the source. Despite the fact that the plant quarantine authority had originally given licences for import of over 3 million tonne wheat under OGL, actual imports have been very low due to high international prices. Of the total quantity imported under the OGL, almost all has reached Indian shores. The government had brought down the duty on wheat import under OGL to 5 per cent from 50 per cent in June to encourage private imports. In September, it further slashed the import duty on wheat to nil. The concession,which was valid till December 31 earlier, had now been extended to February 28. The official said there was a glut of wheat stocks at both Tuticorin and Chennai ports.