Customs duty on Malaysian import increased by 5 percent
New Delhi [India], Aug 26 (ANI): The central government on Monday increased the rate of customs duty on imports of subject goods from Malaysia by five per cent in a bid to safeguard the interests of the domestic industry.
ANI
Aug 26, 2019 23:08 IST
New Delhi [India], Aug 26 (ANI): The central government on Monday increased the rate of customs duty on imports of subject goods from Malaysia by five per cent in a bid to safeguard the interests of the domestic industry.
The decision was taken on the recommendation of the Directorate General of Trade Remedies.
"Director-General recommends an increase in the rate of customs duty on imports of subject goods originating in Malaysia by five per cent for a period of 180 days which is considered appropriate to safeguard the interest of domestic industry," said an official statement.
The increased customs duty is expected to help limit the import of palm oil from Malaysia thereby benefiting local producers.
"The domestic industry has been forced to import subject goods to maintain their presence in the market. Imports at lower prices are adversely affecting the prices of the domestic industry," the statement said.
"It is provisionally concluded that increased imports of PUC have caused serious injury and are threatening to cause serious injury to domestic producers," it added.
Palm oil is used by several industries in food products, detergents and cosmetics, etc. (ANI)
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