Business & Economy
Raw sugar imports
may turn a liability
What is India News Service,
Thursday, 17 March 2005, 1400 hrs IST
Will companies which have imported raw sugar
against advance licences (AL) provide for contingent liability, arising from the
future export obligation on these, in their end-year balance sheets?
This question
is being raised at a time when mills are reportedly making a killing of Rs
3-4 per kg by importing raw sugar at zero duty against ALs and selling the
processed white sugar in the domestic market.
Since the AL scheme carries an obligation to
export one tonne of white sugar for every 1.05 tonne of raw sugar imported
within 36 months of the licence being issued, some analysts argue that the
profits being made on this count by mills now are largely notional.
This is more so in the present context, where
selling in the domestic market is far more remunerative than exports.
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