Govt decides to withdraw 5% duty on onion import till March 2021
The government has decided to withdraw five percent duty previously imposed on the import of onions as per directive of the prime minister, considering the rise in price of the kitchen staple in the market.
The Ministry of Finance came up with the announcement in a press release.
The import duty was imposed in the national budget for FY2020-21 to ensure fair price for local producers, encourage them to cultivate onion, and lower dependency on import of the perishable good.
However, following the Indian government's decision to ban export of onion, its price has been going up in the local markets, which has prompted the government to withdraw the import duty on onion till March 2021 during the lean period when onion cultivation does not take place in the country, according to the release.
Earlier on Wednesday, Finance Minister AHM Mustafa Kamal said the government will consider withdrawal of import duty on onion.
Comments