RBI Issues Circular On Levying Unfair Interest Charges On Customers

The Department of Food and Public Distribution has imposed stock limits on edible oils and oilseeds for a period up to 31st March, 2022, it announced Sunday.

The decision will soften the prices of edible oils in the domestic market, thereby, bringing great relief to consumers across the country, the official statement said.

“The high prices of edible oil in international market has a substantial impact on the domestic edible oil prices. The Indian government has formulated a multi- pronged strategy to ensure that the prices of essential commodities like edible oils remain controlled. Measures like rationalization of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders etc. had already been taken,” the statement added.

In a consistent effort to further cool down the domestic prices of edible oils, the Centre further said that the stock limit of all edible oils and oilseeds will be decided by the respective states government and UT administrations on the basis of available stock and consumption pattern of in their jurisdiction with certain exceptions for importers and exporters.

However, if the stocks held by respective legal entities are higher than the prescribed limits then they shall inform the same to the Department of Food & Public Distribution and bring it to the prescribed stock limits within 30 days.