Is Import Duty A Waste Step ?

This entry was posted on Saturday, March 19th, 2016 and is filed under Budget 2016, Cashew, Cashew Market, Cashew News.

According to market rumors, duty free or under preferential rate of duty raw cashew import is possible from some African and Asian countries because of the Indian customs notification dated 1 September 1989.

Global trade experts think that the notification is still valid due to the preferential trade agreement which India has with those countries.

In coming days, neighboring traders will also use ports of the Most Favored/SAARC nations to evade the levy of duty or for the preferential rate of duty in India.

If this is true, Indian Government should take necessary steps so that only 100% duty paid (Full 9.36%) raw cashew can pass through the customs clearance.

 

Filed Under: Budget 2016, Cashew, Cashew Market, Cashew News