India's MMTC plans to import corn at lower duties

MMTC

18/02/2019 08:05

MUMBAI, Feb 18 (Reuters) - Indian state-run trader MMTC Ltd
 MMTC.NS  plans to import corn at lower taxes for local
consumers such as starch makers and poultry farmers, the firm
said.
    India imposes 60 percent tax on overseas buying of corn but
under the tariff rate quota it can allow imports at lower or
zero duty.
    MMTC has asked consumers to provide their requirement
details and consent authorising MMTC to import corn on their
behalf, the trader said in a statement.
    "Imports would be organised after issuance of notification
by the government of India and MMTC obtaining necessary
licence," it said.
    Below-normal monsoon rains and an infestation of the fall
armyworm, which devastated African crops in 2017, have slashed
India's corn output and boosted prices, increasing chances the
government will grant duty-free corn imports for the first time
since 2016.  urn:newsml:reuters.com:*:nL3N20A3H5
    In 2016, India had allowed state-run PEC Ltd to import corn
under the tariff rate quota at zero percent duty. 

 (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
 ((rajendra.jadhav@thomsonreuters.com; +91-22-6180-7153 ;
Reuters Messaging:
rajendra.jadhav.thomsonreuters.com@reuters.net))