Customs Duty Slashed to 10% for Crude Vegetable Oils and Extended Yellow Peas Import Exemption Until March 2026

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....The MoF issued Notification No. 31/2025-Customs amending previous customs notifications to reduce basic customs duty from 20% to 10% for crude soya bean, sunflower, and palm oils. The notification also extends the exemption condition for Yellow Peas imports to bills of lading issued on or before 31.03.2026. Implemented through powers under section 25 of the Customs Act, 1962 and section 124 of the Finance Act, 2021, the changes take immediate effect to serve public interest by potentially lowering import costs for specified agricultural commodities.....