NEW DELHI | KOCHI: The government is planning to do away with a concessional duty on rubber imports under the Tariff Rate Quota scheme from the next financial year. The scheme, launched in 2010-11, was extended up to March 31, 2012, to enable rubber companies complete their imports.
technical rubber
"We are recommending to the finance ministry to discontinue this scheme from the next fiscal as imports have been recorded low. This scheme allows an annual import of 40,000 tonne at a 7.5% import duty. In 2010-11, the imports were around 3,500 tonne while in this fiscal, companies have completed only 20-25% of the stipulated quota," said an official of commerce ministry.
The rubber consumption body -- Automotive Tyre Manufacturers Association -- however said there was a need to extend the scheme for the next year as well...Read more:
http://economictimes.indiatimes.com/markets/commodities/cheaper-rubber-imports-likely-to-last-for-a-month/articleshow/11843925.cms(ldtn)