China Y ring for sale the Rules of Origin should be strictly

　　SOPA also demanded that the Central Board of Indirect Taxes and Customs (CBITC) impose safeguard measures to protect the domestic industry."We would request you (CBITC) to kindly restrict the imports from Nepal only to those edible oils which are produced there and China Y ring for sale the Rules of Origin should be strictly enforced for all imports at zero duty," SOPA said in the letter.The palmolein imported from Nepal is of Indonesian and Malaysian origin and soybean oil is of South American origin, routed through Nepal by flouting the Rules of Origin for getting the duty exemption for such imports, it said.Further, Nepal has no production of soybean and has a very small capacity for crushing imported soybean. Nepal does not produce any palm oil, it added.At current tariff value of USD 573 per tonne for refined palmolein, SOPA said the amount of customs duty being evaded is Rs 19,968 per tonne.Similarly, the duty on refined soybean oil is Rs 25,195 per tonne.

　　The loss to the exchequer because of this duty evasion would be huge.Also, the imported soybean oil is being sold Rs 5,000 per tonne cheaper when compared with indigenous soybean oil and this puts the industry at a financial loss which it cannot bear, it added.SOPA also mentioned that the import duty on edible oils was increased by the govement to ensure a remunerative price to farmers and encourage them to produce more oilseeds, and consequently reduce the countrys import dependency of edible oils.Bengaluru: The outlook for India’s rupee has deteriorated from just a month ago as the outcome of a more than month-long national election draws near, according to foreign exchange strategists polled by Reuters.While the rupee pared some of 2018’s losses early this year, it has remained under pressure.

　　It lost about 1 per cent against the dollar last month due to a significant surge in fuel prices - India’s largest import - and a strengthening US currency.The Reserve Bank of India (RBI) has also cut the main repo rate twice in the run-up to the election, putting it at 6.0 per cent, 50 basis points lower than where it was at the start of the year.India’s multi-stage national election started on April 11 and will end on May 19. The result, due on May 23, will decide who goves the world’s biggest democracy for the next five years.Indian Prime Minister Narendra Modi’s ruling alliance - which got the biggest mandate in three decades in the previous election - is widely expected to win again, but with a thinner majority, according to an average of four opinion polls recently by different agencies.