Union Government extended safeguard duty on steel imports

Posted on:01 Apr 2016 17:40:20
Union Government extended safeguard duty on steel imports
01 April 2016 Current Affairs: Union Finance Ministry on 30 March 2016 extended the safeguard duty on steel imports until March 2018. The duty was imposed to protect domestic manufacturers from cheap Chinese imports.The central board of excise and customs in its notification said that the duty will apply to hot-rolled flat products of non-alloy and other alloy steel in coils of 600 mm width. The safeguard duty will not be imposed on goods that are imported at minimum import price.The safeguard duty will be 20 percent minus any existing dumping duty till September 2016, following which it will be reduced to 18 percent till March 2017, then brought down to 15 percent till September 2017 and eventually to 10 percent by March 2018.Earlier in September 2015, the Government imposed a provisional safeguard import duty on some steel products. In February 2016, it also set a minimum floor price for steel imports for six months to make sure that domestic producers are not hurt by cheaper imports from China.In financial year 2014-15, steel imports grew 71 percent of with China accounting for almost 36 percent of the total imports. In the April-November 2015 period, imports rose 34 percent.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs November 2017

21 NOVEMBER
NEWS
20 NOVEMBER
NEWS
19 NOVEMBER
NEWS
18 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS

Current Affairs September 2017

30 SEPTEMBER
NEWS
28 SEPTEMBER
NEWS
27 SEPTEMBER
NEWS
26 SEPTEMBER
NEWS