Wait...

Online Export Import Data Search

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

‘Iran steel entering India after paper-swap in UAE’.


Date: 23-05-2019
Subject: ‘Iran steel entering India after paper-swap in UAE’
Mumbai: Some Indian steel  importers are allegedly importing steel from Iran in collusion with shipping agents in the United Arab Emirates (UAE), circumventing the US sanctions that are in place since mid-2018. 

In March this year, about 65,000 tonnes of steel, mostly hot rolled coil, entered India after the import papers were altered in the UAE, a top executive with a large steel manufacturer said.

On the face of it, these papers looked genuine but a close scrutiny revealed that the origin of the consignments was Iran, which is under US-led trade sanctions due to its efforts to obtain nuclear capability. According to industry sources, the sudden start in exporting of steel by the UAE, a net steel importer for years, without any additional manufacturing, was also surprising.

The Indian Steel Association (ISA), which represents the country’s steel producers, has taken up this issue of circumvention of the US sanctions with the steel ministry, external affairs ministry, commerce ministry and the Indian Banks Association (IBA). According to letters written by ISA, imports from Iran are at a price which are putting Indian steel producers at a severe disadvantage.

Consignments even came at a price of around $450 per tonne, which after import duty and other charges, would translate to a landed cost of about $512 per tonne (about Rs 36,350). Compared to this, imports from China in March 2019 were at about $586 per tonne, translating to an import value of approximately Rs 41,600. This shows that steel imports from Iran were at a discount of about Rs 5,250 per tonne, the letter to the steel ministry pointed out.

ISA wants all steel imports from Iran to stop immediately, arguing that this trade is a grave violation of the US sanctions, which can impose retaliatory measures against India. “The government should put in place effective trade barriers to stop such unfair trades,” ISA assistant secretary general Arnab Kumar Hazra. 

In addition, customs officials should be alerted to check the country of origin and other details in the bill of entry. This could also help to restrict imports from Iran. ISA has also alerted the customs department, he said.

In its letter to the IBA last month, ISA requested the bankers’ body to bring these issues to the notice of all banks and said all the Indian banks running US dollar books, “should be alerted to transactions of this nature, irrespective of the currency of transaction”.

Source: timesofindia.indiatimes.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: 17-09-2020
Notification No. 34/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 so as to reduce the Basic Customs Duty on Lentils (Mosur) for the period from 18th September, 2020 to 31st October, 2020.

Date: 09-09-2020
Notification No. 86/2020-Customs (N.T.)
Appointment of CAA in case of M/s Esprit Overseas

Date: 07-09-2020
Notification No. 33/2020–Customs
Seeks to amend notification No. 50/2017-Customs, dated 30.06.2017 so as to exempt BCD on paper based taggants, including M-Feature.

Date: 04-09-2020
Notification No.85/2020-C
Notification No.85/2020-Customs (N.T.) dated 04.09.2020 to amend Notification No.92/2017 -Customs(N.T.) dated 28.09.2017.

Date: 03-09-2020
Notification No. 84/2020 - Customs (N.T.)
Exchange Rates Notification No.84/2020-Custom (NT) dated 03.09.2020

Date: 02-09-2020
Notification No. 28/2020-CUSTOMS (ADD)
Seeks to impose provisional anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of six months.

Date: 02-09-2020
Notification No. 29/2020 -Customs (ADD)
Seeks to amend notification No. 47/2015-Customs (ADD), dated 8th September 2015 to extend the levy of ADD on imports of "Float Glass" originating in or exported from China PR, for a period of three months i.e. upto 7th December, 2020.

Date: 01-09-2020
Notification No. 65/2020 – Central Tax
Seeks to amend notification no. 35/2020-Central Tax dt. 03.04.2020 to extend due date of compliance under Section 171 which falls during the period from "20.03.2020 to 29.11.2020" till 30.11.2020

Date: 31-08-2020
Notification No. 64/2020 – Central Tax
Seeks to extend the due date for filing FORM GSTR-4 for financial year 2019-2020 to 31.10.2020

Date: 31-08-2020
Notification No. 83/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.



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