India imposed anti-dumping duty on Vitamin-C imports from China
To safeguard the interest of domestic industries of India, government on 6 August extended anti-dumping duty on import of all forms and grades of Vitamin C from China for the period of five years.
Earlier in 2009 government had imposed the anti-dumping duty which was later extended till June 2015 and now further extended to five more years with the duty of USD 3.74 for per kg of Vitamin-C import from China.
This move was taken following the findings of Central Board of Excise and Customs (CBEC) which concluded that imports of Vitamin-C have caused injury to the domestic industry.
As per the notification by Central Board of Excise and Customs (CBEC) anti-dumping duty is applicable to all grades and forms Vit-C which includes L-3-Ketothreohexuronic Acid Lactone substrates, 3-Oxo-L-gulofuranolactone, L-Xyloascorbic Acid, Ascorbic acid, etc.
What is Anti-Dumping Duty?
- It is a trade duty imposed by any government on imported products which have prices less than their normal values in their domestic market.
- Usually countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports.
- Anti-Dumping Duty is imposed under the multilateral WTO regime and varies from product to product and from country to country.
- In India, anti-dumping duty is recommended by the Union Ministry of Commerce (i.e. Directorate General of Anti-Dumping Duty-DGAD), while the Union Finance Ministry imposes it.
Note: In year 2015 India had imposed anti-dumping duty on some of following products exported by China – Steel imports, CFL lamp, fibre glass, Vitamin E, Electronic Calculators, USB Flash Drives, Measuring tapes, Cast Aluminium Alloy Wheels or Alloy Road Wheels and many other products.
Categories: Business & Economy Current Affairs 2017