India retains rubber imports duty

India retains rubber imports duty


MUMBAI (Commodity Online): India’s Union Trade Minister Anand Sharma has ruled out any cut in import duty for natural rubber from the existing 20%, said Rubber Board Chairman Sajen Peter in a statement on Wednesday.

The government would implement the recommendations of the expert panel constituted under the directive of the Delhi High Court on import duty, he said.

The expert panel has recommended the import duty be retained at 20%, but a maximum ceiling of Rs.20.46/ kg be fixed, he added. Trade Secretary Rahul Khulla and Board Chairman Peter also attended the meeting.

The minister also said the import duty cap will be allowed only in a phased manner in lots of 25,000 tn, the statement said. The rubber consuming sector has been demanding a cut in rubber import duty to 7.5% from 20% in view of the high prices of the commodity.

A few days ago, reports said the commerce ministry had allowed import of 100,000 tn natural rubber at 7.5% duty to tide over the current high prices and tight supply.

In an unprecedented move the commerce ministry has accepted to review an export application from a Chinese radial bus and truck tyre exporter from China, thus, giving hope to over 300 Chinese tyre companies waiting to tap the Indian market.