After onions and milk, now cooking oil to get costlier

Agencies
December 21, 2019

New Delhi, Dec 21: After onion and garlic and milk, prices of edible oil have registered a sharp rise due to costlier imports.

Consumers will have to dig deeper into their pockets as the cooking oil prices may rise further, say oil industry experts.

Palm oil prices have shot up by ₹20 a litre (more than 35 per cent) in the last two months. Palm oil's meteoric rally has led to a sharp rise in the prices of other edible oils.

"The prices of all edible oils have increased following the rise in palm oil over the last two months. Due to costlier imports from Malaysia and Indonesia, edible oil prices are likely to see a further increase," Oil-oilseed market expert Salil Jain told IANS.

Another oil industry expert suggested that farmers should be provided better prices for their crops if the country wants to become self-sufficient in edible oils.

"The prices of edible oils are increasing in India due to expensive imports from the international market. However, farmers are now getting a higher price of oilseeds, which will encourage them to cultivate oilseeds," said B.V. Mehta, Executive Director of Solvent Extractors Association of India.

India is the world's largest edible oil importer, meeting most of its edible oil needs through imports.

It is expected that the country's dependence on edible oil imports will increase further as heavy rains damaged soybean crops and a lower than expected Rabi oilseed cultivation this year.

Moreover, an increase in export duty on soy oil from Argentina will increase the cost of soy oil imports in India, which may lead to a further rise in prices of cooking oil.

Argentina has increased the export duty on soy oil from 25 per cent to 30 per cent. On the other hand, domestic consumption of palm oil will increase in both countries after the introduction of B-20 bio-diesel programme in Malaysia next year and B-30 bio-diesel programme in Indonesia.

CPO's December contract on Multi Commodity Exchange (MCX) fell by ₹543.2 per 10 kg on September 24, while on Friday the CPO price jumped by ₹744 per 10 grams. The CPO price rose by 37 per cent in about two months.

According to Solvent Extractors data, the import of vegetable oil (edible and non-edible) oils into the country was 11,27,220 tonne in November this year as compared to 11,33,893 tonne in the same month a year ago.

The CPO (crude palm oil) price at Kandla Port was $757 per tonne (CIF) on Friday, while RBD Palmolein imported from Malaysia was priced at $782 per tonne, soy price at $878 per tonne and sunflower crude at $847 per tonne.

According to the sowing data released by the Union Ministry of Agriculture and Farmers Welfare last week, the area under oilseeds crops has been 68.24 lakh hectares this year, which is 2.47 lakh hectares less than last year.

The production of soybean, the major oilseed crop in the last Kharif season, is estimated to be down by about 18 per cent in the country as compared to last year.

According to the Soybean Processors Association of India (SOPA) estimates, soybean production in the country this year is 89.94 lakh tonnes, which is 71.73 per cent less than the previous year's production of 109.33 lakh tonnes.

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News Network
April 9,2020

Thiruvananthapuram, Apr 9: The Kerala government has set up five COVID-19 helpdesks for non-resident Keralites in countries which have a substantial number of Pravasi Malayalis.

Addressing a press conference here Kerala Chief Minister Pinarayi Vijayan on Wednesday said: "In order to address the concerns and issues faced by the non-resident Keralites, we have set up five dedicated COVID helpdesks in countries where we have a substantial number of Pravasi Malayalis."

The helpdesks started by Norka Roots will be managed locally by persons and voluntary organisations active among non-resident Keralites. The Kerala government has requested the Indian Ambassadors in various places to cooperate with these helpdesks.

The Chief Minister also informed that online medical services would be made available to the non-resident Keralites through the Norka Roots website.

"Pravasi Malayalis can consult prominent doctors in Kerala by audio or video calls through the website, with prior registration. The services of various speciality doctors will be available from 2 pm to 6 pm IST," he said.

Currently, registration for the Norka Pravasi ID card is only available for the Malayali expatriates residing or working abroad for a period of not less than six months. "Now students from Kerala studying abroad can also avail this facility. The overseas student registration service would enable them to get Insurance benefits and discounts on flight tickets. This registration will be mandatory for all students presently studying abroad as well as for those going abroad, from now on," Vijayan said.

The Pravasi ID card is a multi-purpose photo identity card that entitles every non-resident Keralite to avail all services and facilities offered by Norka Root. The card comes with an add-on Personal Accident Insurance (PAI) coverage. Two prominent airlines are offering a discount on the base fare for air tickets booked by Norka Id card holders. 

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Agencies
March 15,2020

New Delhi, Mar 15: The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.

As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.

The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions -- domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,

The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.

The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards.

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News Network
June 18,2020

New Delhi, Jun 18: Republican Party of India (RPI-A) leader Ramdas Athawale on Thursday urged Indians to boycott Chinese food and asked for a ban on all restaurants which serve the cuisine.

"Restaurants selling Chinese food should be banned. Restaurants should be closed by the order of the state government. I appeal to people who consume Chinese food to boycott it," Athawale told ANI here.

The Union Minister also said that both the products which come from China and its literature should also be banned in the country.

"The Chinese literature should also be banned, its products too should be banned and its companies too should not be given business here. We should develop such companies in the country which can manufacture the same products here," he added.

Athawale also warned China to reconsider its actions and stop its nefarious activities on the border by saying, "You took Buddha from us but we don't want yuddha (war) with you. A war will prove to be costly for both countries, economically and loss of lives will also occur. If we (Indians) are not crossing the border then why are you doing so?"

Athawale's statements came after at least 20 Indian Army personnel, including a Colonel rank officer, lost their lives in the violent face-off in the Galwan valley area of Ladakh on June 15.

The clash happened as a result of an attempt by the Chinese troops to "unilaterally change" the status quo during de-escalation in eastern Ladakh and the situation could have been avoided if the agreement at the higher level been scrupulously followed by the Chinese side, India said on June 16.

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