September 28, 2019

The other products on which duties will be hiked

While imports were at USD 26.The increased customs duties will come into effect from Sunday, an official notification said.But those negotiations came to a halt following the decision of the US to withdraw export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme.5 billion from India to America.


America had in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products.5 billion to the US every year.As part of the imposition of higher import duties on US products, India has notified higher tariffs on several goods.
The increased customs duties will come into effect from Sunday.While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently.India would get about USD 217 million additional revenue from such imports.India has also dragged the US to the World Trade Organisation&China metric nuts Suppliers39;s (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.

The other products on which duties will be hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets.Amending its June 30, 2017, notification, the Central Board of Indirect taxes and Customs (CBIC) said Saturday's notification will "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA".

As India is one of the major exporters of these items to the US, the move has revenue implication of about USD 240 million on domestic steel and aluminium products.The government had on June 21, 2018 decided to impose these # duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products.The duty on boric acid and binders for foundry moulds would be hiked to 7.5 per cent, while that on domestic reagents will be increased to 10 per cent. It will impact goods worth USD 5. The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market. 

The trade balance is in favour of India.India extended the deadline for imposition of these duties eight times in the hope that some solution would emerge during a negotiation between India and the US on a proposed trade package. (Photo: File) New Delhi: India on Saturday announced a hike in customs duties on as many as 28 US products, including almond, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium.. Levy on lentils will be increased to 40 per cent.India exports steel and aluminium products worth about USD 1.The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market. Earlier, there was no duty on these goods. These benefits were rolled back from June 5.India's exports to the US in 2017-18 stood at USD 47.Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list

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September 25, 2019

The promoter and promoter group

The promoter and promoter group hold 42.The promoter and promoter group hold 42. metric nut Mumbai: Sajjan Jindal-led JSW Steel has said it will consider raising additional long-term resources, including issuance of equity shares or other securities, through a rights issue at its board meet next week.Under the joint control model, a special purpose vehicle (SPV) will be set up and the acquired stressed assets will rest with the SPV.


The board will also finalise the un-audited standalone and consolidated financial results of the company for the quarter and half-year ended September 2018 and the payment of dividend at the contracted rate on the 10 per cent cumulative redeemable preference shares of the company for the financial year 2018-19, up to the date of its final redemption, it added. The joint control model will insulate debt impact of yet to be acquired stressed assets of these two firms on JSW Steel financials. If acquired, JSW Steel is exploring to merge the stressed assets of the both companies into its books post turnaround of the stressed assets." This assumes significance as JSW Steel's Rs 19,700 crore offer for debt-laden Bhushan Power and Steel (BPSL) has been backed by around 90 per cent of lenders.12 per cent is held by the public.56 per cent each. JSW Steel had earlier teamed up with NuMetal Mauritius to place a Rs 37,000-crore offer for Essar Steel in the second round of bidding. However, the Essar Steel's committee of creditors Friday picked ArcelorMittal as the highest bidder under the IBC. Employee trust and non promoter-non public hold 0.Bhushan Power is among the 12 non-performing accounts referred by the RBI for NCLT proceedings and owes about Rs 45,000 crore to its lenders. Sajjan Jindal-led JSW Steel has said it will consider raising additional long-term resources, including issuance of equity shares or other securities, through a rights issue at its board meet next week.32 per cent stake in the company, while 57.According to a banking source, "JSW Steel is exploring differentiated financing options, including joint control model, to fund its acquisition of stressed assets of Bhushan Power and Steel..12 per cent is held by the public.

At its meeting on October 25, the board would be considering raising of additional long-term resources, including but not limited to, issuance of equity shares or other securities by way of a rights issue subject to regulatory approvals," JSW Steel said in a regulatory filing Saturday.32 per cent stake in the company, while 57.JSW Steel, with a capacity of 18 million tonnes per annum (mtpa), is engaged in manufacturing of flat and long products, namely hot rolled coils, cold rolled coils, galvanised products, galvalume products, colour coated products, auto grade/white goods grade flat products, bars and rods

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September 20, 2019

To prevent import of cheap steel

There is a need to create a special funding mechanism for providing capital for brown-field expansion of capacities at the existing steel mills, it said.. It also demanded for withdrawal of import duty of five per cent imposed upon metallurgical coke and coking coal to restore competitiveness in the domestic steel industry. 


Considering that higher transport costs result in higher costs of production of steel in India, there is an urgent need to bring down freight tariff rates by up to 25 per cent across all raw material and steel products to gain competitive edge, it said. "Banks should extend working capital loans to steel companies on a priority basis, especially those which have not defaulted on interest payment, while structural problems relating to high debts of various steel companies would take time to resolve," it added. (Representational Image) The steel ministry should bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants. 

Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas," it said. "A comprehensive package for steel sector should be unveiled encompassing special financing arm for providing capital for expansion of capacities, carbon steel nut Manufacturers easy extension of working capital loans, long-term policy on freight tariffs and augmenting transportation infrastructure capacity to meet needs of steel production," it said in a statemeant. 

To prevent import of cheap steel, it asked for measures like imposition of minimum import price (MIP) and safeguard duties on a sustained basis and inclusion of pig iron, sponge iron and billets in the list of products covered under MIP. The steel ministry should bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants, it added.The steel ministry should bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants. 

 Industry body Assocham on November 3 urged the Centre to initiate certain measures for the domestic steel sector such as extending easy financing, devising long-term freight tariff policy and augmenting transportation infrastructure among others. Assocham has suggested the government to constitute an authority either at the central or state level to fix the ceiling on road freight rates with a view to break local monopolies

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