29 Apr 2008 | 15:09
Government slaps export duty on steel, basmati rice
The government today announced additional measures to rein in rising prices and inflation. Stating that there is a case for disincentivising the export of steel, during a parliament debate on the budget for 2008/09, Finance Minister P Chidambaram levied an export duty ranging from 5% on galvanised steel to a maximum 15% on hot-rolled coils.
Meanwhile, the basic customs duty would be slashed to zero from five percent for pig iron and products such as sponge iron, granules, ingots, semi-finished products, hot rolled (HR) and cold-rolled (CR) CR coils.
Chidambaram said the government would levy an export tax of Rs 8,000 ($200) per tonne of basmati rice and simultaneously bring down the minimum export price of basmati rice to $1,000 per tonne from $1,200. Government had earlier this month banned exports of non-basmati rice.
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