Latest news with #non-Bureau
Time of India
5 days ago
- Business
- Time of India
Stricter rules likely to curb substandard steel imports
India plans to tighten the advance authorisation norms for steel imports , aiming to curb large-scale inflows of substandard inputs. According to officials aware of the development, instances of non-Bureau of Indian Standards (non-BIS) compliant steel being sold in the domestic market are being flagged. These substandard products are said to be imported duty free by export-oriented units under the advance authorisation. "The imported steel, meant for export production is often sold in the domestic market, resulting in revenue loss for the government and putting domestic steel makers at a competitive disadvantage," the official told ET. India currently levies an interim 12 per cent safeguard duty , and a 7.5 per cent basic customs duty on steel imports. There is also a Quality Control Order ( QCO ) which bans the import and sale of non-BIS steel in the country. The advance authorisation scheme allows exporters to import raw material at nil duty and without QCO regulations with an export mandate that needs to be met within 18 months. "Eighteen months is too long, and traceability of non-BIS compliant steel is a matter of concern since it is making its way to the domestic market and not being used to make exported products," the official said. The centre is now said to be considering lowering the Export Obligation Period (EOP) of advance authorisations to six months in a bid to ensure the substandard steel is not diverted. Besides tightening the Advance Authorisation regime, India is also planning to withdraw an exemption from the QCO granted to domestic importers under the scheme. This too is aimed at plugging misuse of the scheme, officials said. According to Fitch Ratings , India is also expected to extend its 12 per cent safeguard duty and even revise the duty rates upwards as industry conditions worsen globally. "Governments around the world have been raising barriers to steel imports in recent months," Fitch said while adding India has introduced other non-tariff measures to protect domestic producers in recent months. India's steel imports fell by 16 per cent annually in the first half of this calendar year. "Barriers to steel imports should benefit domestic producers," Fitch added.
Economic Times
6 days ago
- Business
- Economic Times
Stricter rules likely to curb substandard steel imports
Synopsis India is planning to tighten norms for steel imports under the advance authorisation scheme to curb the inflow of substandard, non-BIS compliant steel. The government is considering lowering the Export Obligation Period to six months and withdrawing QCO exemptions for domestic importers. These measures aim to prevent the diversion of duty-free steel into the domestic market, protecting local manufacturers. Reuters Steel mill (Image for representation) India plans to tighten the advance authorisation norms for steel imports, aiming to curb large-scale inflows of substandard inputs. According to officials aware of the development, instances of non-Bureau of Indian Standards (non-BIS) compliant steel being sold in the domestic market are being flagged. These substandard products are said to be imported duty free by export-oriented units under the advance authorisation."The imported steel, meant for export production is often sold in the domestic market, resulting in revenue loss for the government and putting domestic steel makers at a competitive disadvantage," the official told currently levies an interim 12% safeguard duty, and a 7.5% basic customs duty on steel imports. There is also a Quality Control Order (QCO) which bans the import and sale of non-BIS steel in the advance authorisation scheme allows exporters to import raw material at nil duty and without QCO regulations with an export mandate that needs to be met within 18 months."Eighteen months is too long, and traceability of non-BIS compliant steel is a matter of concern since it is making its way to the domestic market and not being used to make exported products," the official said. The centre is now said to be considering lowering the Export Obligation Period (EOP) of advance authorisations to six months in a bid to ensure the substandard steel is not tightening the Advance Authorisation regime, India is also planning to withdraw an exemption from the QCO granted to domestic importers under the scheme. This too is aimed at plugging misuse of the scheme, officials to Fitch Ratings, India is also expected to extend its 12% safeguard duty and even revise the duty rates upwards as industry conditions worsen globally. "Governments around the world have been raising barriers to steel imports in recent months," Fitch said while adding India has introduced other non-tariff measures to protect domestic producers in recent steel imports fell by 16% annually in the first half of this calendar year. "Barriers to steel imports should benefit domestic producers," Fitch added.
