Monday, July 18, 2011

40,000 tonnes of NR import allowed at 7.5% duty

Indian government has permitted imports of 40,000 tonnes of natural rubber at a concessional duty of 7.5% for the current fiscal. This is in line with the one allowed last fiscal. The move to allow imports at a lower duty follows demand from the user industry, to allow import of two lakh tonnes duty-free.

The import will meet consumers' need for just 15 days, going by the consumption of 80,500 tonnes in June. Growers, however, are totally opposed to imports, as it may suppress domestic prices.

Since 1st April 2011, the Customs duty on natural rubber has been fixed at 20% or Rs.20 a kg, whichever is lower. In the first quarter of the current fiscal, NR imports doubled to 38,233 tonnes from 19,118 tonnes during the same period of previous fiscal.

Read lot more in Rubber4U – 1st August 2011 issue

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