India To Keep Import Duty

Friday, August 27, 2010 Kottayam. India - The Hindu reports India’s Rubber Board chairman Sajen Peter said that the Union Commerce Ministry has ruled out any cut in the import duty of natural rubber from the present 20%.

Peter said that the assurance was given by Union Commerce Minister Anand Sharma to a group of MPs from Kerala. According to him, in the case of import duty, the Union government will be implementing the recommendations of an expert panel constituted by the government on a directive of the Delhi High Court to look into the demands raised in a petition filed by organizations representing rubber consuming industries. The expert committee had made a recommendation to retain the import duty at 20%, but to fix a ceiling of Rs. 20.46 a kg. The panel had arrived at this figure considering the average price of natural rubber during the past three years, which is Rs.102.32 a kg. The import duty cap would be allowed in a phased manner, in lots of 25,000 metric tons.