Centre drops plan to import coconut oil through STC

In a relief to thousands of coconut growers in the country, Centre has decided to drop its plan to import a large quantity of coconut oil through State Trading Corporation of India Limited (STC).
Union Commerce Minister Nirmala Sitharaman informed senior Congress leader and Lok Sabha MP Mullappally Ramachandran about the decision in a letter to him. The MP had raised the issue in Parliament during its Monsoon Session.
In her letter dated November 16, Sitharaman said Marico Limited, Mumbai had applied for grant of authorization in February, 2015 for import of coconut oil, with actual user condition for 10,000 MT.

Director General of Foreign Trade (DGFT) had approved its Inter-Ministerial Committee's recommendation seeking issuance of authorization for import of 10,000 MT coconut oil by STC with the condition that the STC will sell it to Marico Limited, Mumbai on High sea sales basis.
"Accordingly, STC has imported imported 2000MT coconut oil on behalf of M/s Maricl Limited."
"However, in view of the serious concerns expressed by you and other quarters, the DGFT has reviewed the matter and decided to reduce the quantity of coconut oil from 10,000 MT to 2000 MT, so that no further imports take place," Sitharaman said.