Govt may hike crude soya oil tariff value
Chennai: The union government may be planning to a review its decision to cut the tariff value of imported crude soyabean oil to $485 a tonne from $565 at present in order to align it with prevailing global prices.

Various bodies of the edible oil industry have protested to the finance and commerce ministries, saying it could affect them as well as farmers. The tariff value is the base price on which the customs authorities compute the import duty. For crude soyabean oil, the duty is 45 per cent. The government had announced the cut in the tariff on March 1.

On February 15, tariff values were reduced for the entire palm oil complex, comprising crude palm oil (from $454 a tonne to $400), RBD or refined, bleached, de-odourised palm oil (from $489 to $415), `others-palm oil' (from $471 to $410), crude palmolein (from $479 to $412), RBD palmolein (from $497 to $425) and `others-palmolein' (from $488 to $420). The bodies, primarily the Solvent Extractors Association of India and Soyabean Processors Association of India, had expressed concern over the fact that the cut in the tariff value had come at a time when arrivals of the rabi oilseeds crop, especially mustard / rapeseed, had begun.
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Malaysian firm IJM to upgrade Indian roads
Kuala Lumpur: Malaysian firm IJM Corp Bhd has won a contract to upgrade and run a concession for a road in Rajasthan, India. The work involves turning a two-lane 108km-road into a four-lane highway. The project also comes with a 25-year concession.

IJM informed the stock exchange, that, "The project development cost is estimated at Rs553 crore (480 million Malaysian ringgit) and a concession grant of Rs99 crore (86 million ringgit) will be provided by National Highways Authority of India,"
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Race for Indian skies hots up
Mumbai: Competition among foreign airlines to grab a share of the Indian market has led to airfares crashing on international sectors and twelve-month fares, earlier sold at a huge premium to travellers wanting to return after a long stay abroad, are now being sold at the same price as normal fares.

Long haul tickets offered by Air India are now valid for one year and most tickets are now sold on a four-month and six-month fare basis, with the premium increasing in proportion to the tenure of the ticket.

Last year British Airways switched to a one-year term for all tickets sold in Asia. The airline's fares vary from class to class and not with the tenure of the ticket.
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