May 13 : India has again stopped importing refined palm oil from Nepal. According to media sources, India’s Directorate General of Foreign Trade (DGFT) Monday (May 11) issued a notification stating a complete restriction on the import of such palm oil from Nepal as well as Bangladesh. The prime reason behind this is said to be the availability of enough amount of the product in the Indian market itself.
Earlier, the southern neighbor had banned the import of palm oil from Nepal some fourth months back. However, the former later lifted the ban as per the request of the latter.
Nepali traders import crude palm oil from Malaysia and Indonesia, process and package it here, before exporting it to India. The very export is playing a crucial role in raising the country’s export base and narrowing the trade deficit. Nepal is estimated to have exported palm oil worth Rs 10.3 billion in the last fiscal year alone.
