NEW DELHI, Mar 03, 2009 (Dow Jones Commodities News via Comtex) --
India's customs authority Tuesday formally notified changes in raw sugar import
norms, which will enable domestic companies to sell duty-free imported raw sugar
locally.
One wing of India's commerce ministry, the directorate general of
foreign trade, had already notified the changes on Feb. 17.
But a customs order is also mandatory for the new rule to become
effective. "It is an enabling order for raw sugar import," a Delhi-based trader
said.
The notification allows sale of imported duty-free raw sugar in the
local markets.
The new rules would be retroactively effective from Feb. 17. The
changed rules will be valid up to Sept. 30, the end of the marketing year.
India's sugar production is expected to fall 38% on the year to 16
million metric tons in 2008-09, creating a supply shortfall.
Source : marketwatch.com