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| Govt to import 20 lakh tonnes of duty-free wheat | | |
New Delhi, Aug 26 The government has allowed import of an additional 20 lakh tonnes of wheat at zero customs duty as part of measures to meet the shortfall in procurement of the commodity for Public Distribution System (PDS).
The imports will be made by state-run Food Corporation of India by February 28, 2007. The imports will be allowed only through Chennai, Tuticorin, Cochin and Vishakhapatanam ports, the Directorate General of Foreign Trade said in a notice.
DGFT said the public notice is being issued in accordance with the ad-hoc order issued by Finance Ministry on August 14 for exemption of customs duty on import of wheat.
This 20 lakh tonnes of wheat is in addition to the 38.30 lakh tonnes of the commodity that public sector company, State Trading Corporation, is importing at zero-duty. State-owned firms MMTC Ltd and PEC Ltd are also importing 40,000 tonnes of wheat each for private traders at five per cent customs duty.
Wheat is being imported to check prices and meet the projected shortfall in procurement by FCI for the Public Distribution System. The government had targeted to procure about 160 lakh tonnes of wheat from farmers by July 1 this year to maintain buffer stock for PDS, but has managed to buy only 92 lakh tonnes so far.
The government had in February this year allowed wheat imports after a six-year gap. Since February, STC has floated four tenders for import of 39 lakh tonnes of wheat. Of this, 38.30 lakh tonnes wheat has been contracted from global suppliers such as Swiss firm Agrico Trade and Australia's AWB.
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