Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Commerce ministry recommends hike in import duty on Korean synthetic rubber for 2 years.


Date: 24-10-2020
Subject: Commerce ministry recommends hike in import duty on Korean synthetic rubber for 2 years
Reliance Industries had filed an application before the directorate in accordance with a FTA between India and South Korea for initiation of bilateral safeguard investigations.

The commerce ministry has recommended an increase in import duty on a Korean synthetic rubber, used in tyre making, for two years in order to guard domestic industry from significant jump in inbound shipments of the product, according to a notification. The ministry’s investigative arm Directorate General of Trade Remedies (DGTR) has recommended the increase in customs duty after concluding in its probe that increased imports of ‘Polybutadiene Rubber’ have caused “serious injury” to the domestic industry.

Reliance Industries Ltd had filed the application before the directorate in accordance with a free trade agreement (FTA) between India and South Korea for initiation of bilateral safeguard investigations concerning increased imports of this rubber. The probe was started in November last year. The government on July 1, 2020, imposed safeguard measures by eliminating the concessions given under the FTA and increased the rate of custom duty to 10 per cent on the imports of the product imported from Korea for 200 days.

The DGTR notification stated that there exists a causal link between the increased imports of the goods due to the reduction or elimination of custom duty under the Korea-lndia FTA, officially dubbed as comprehensive economic partnership agreement (CEPA) and serious injury to the domestic industry. “Accordingly, the director general recommends increasing the rate of customs duty on imports of subject goods (Polybutadiene Rubber) originating in Korea to the level of Most Favoured Nation applied rate of customs duty…The measure is recommended’ it said.

For the first year, the DGTR has recommended to “increase the rate of customs duty to the level of 100 per cent of Most Favoured Nation applied rate of customs duty” and 75 per cent in the second year, it added. The probe was carried out under India-Korea Comprehensive Economic Partnership Agreement.

The product is used in manufacturing of tyres and an additive to improve the mechanical strength of plastics. The finance ministry will take the final call to impose the duty. The duty helps in providing a level-paying field to the domestic industry in terms of pricing of the product in the domestic market.

Source:-financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 26-11-2020
Notification No. 43/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil

Date: 26-11-2020
Notification No. 39/2020-Customs (ADD)
Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of "Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester " originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020

Date: 26-11-2020
Public Notice No. 30/2015-20
Revision of SION A1827 of Export Products - Ossein

Date: 23-11-2020
A.P. (DIR Series) Circular No. 07
Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms

Date: 20-11-2020
Circular No.51/2020-Customs
Clarifications regarding availment of exemption on temporary import of durable Containers - reg.

Date: 19-11-2020
Notification No. 60/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 61/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 59/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 38/2020 -Customs (ADD)
Seeks to further amend notification No. 56/2015-Customs (ADD) dated 4th Dec, 2015 to extend the levy of Anti-Dumping duty on Phthalic Anhydride originating in or exported from Japan and Russia, up to and inclusive of 31st Jan, 2021.

Date: 19-11-2020
Notification No. 108/2020 - Customs (N.T.)
Exchange rate Notification No.108/2020-Cus (NT) dated 19.11.2020



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001