Government Notifies Stock Limits for Edible Oils and Decides on Quantity | India News

NEW DELHI: The government has imposed stock limit standards for edible oil and oilseeds until March 2022, as prices refuse to drop significantly despite two rounds of tariff cuts. However, unlike the cases of pulses and onions, the Center left it up to states to decide on the stock limit based on local conditions.
The Food Ministry released the stock limit notification on Friday. He said exporters and importers of edible oil and oilseeds will be exempt from the stock limit subject to certain conditions.
Last month, as it called on all mills and oil dealers to disclose their stocks, the ministry categorically denied that there had been any plans to limit stocks and also released an official statement on Friday. claiming that there had been a drop in retail prices for edibles. oils in the range of 3.26% to 8.58% with the exception of mustard oil while citing price monitoring data from the Ministry of Consumption.
Although the government has taken measures to reduce the prices of edible oils, the prices have not fallen significantly.
The latest notification indicated that an exporter, being a refiner, miller, extractor, wholesaler or retailer or reseller, having an importer-exporter code number will be exempt if that exporter is able to demonstrate that all or part of of its stock is intended for export.
Likewise, an importer, whether he is a refiner, miller, extractor, wholesaler or retailer or reseller, will be exempt, if the company is able to demonstrate that part of its stock comes from imports. In the event that the stocks held by a legal person are greater than the prescribed limits then they must declare it on the government portal and will have to bring it to the prescribed stock limits notified by the State concerned within 30 days.
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