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Custom Duty increased to 200 percent on imported goods from Pakistan

Custom Duty increased to 200 percent on imported goods from Pakistan

India has again gave another shock to Pakistan. Proposals for imposing 200 per cent duty on imported goods from Pakistan in the Rajya Sabha were passed on 08 July 2019. Rajya Sabha also approved the proposal to increase basic customs duty (BCD) on lentils, boric acid and diagnostic and laboratory regiments.

In the Rajya Sabha, Minister of State for Finance Anurag Thakur presented both statutory proposals on behalf of Union Finance Minister Nirmala Sitharaman, which was accepted voiceless. Significantly, India took away the status of Most Favored Nation from Pakistan after the Pulwama attack. The terrorist attack in Pulwama was in February 2019. Since then relations between both countries are not going good.

Highlights

  • In the proposal, demand was increased from 40 percent to 50 percent of BCD on lentil.
  • Customs on boric acid will increase from 17.5 percent to 27.5 percent.
  • At the same time, the fee in diagnostic items will increase from 20 percent to 30 percent.
  • In the first proposal, the demand for approval of the notification issued in February 2019 for incorporating new fee items under Chapter 98 of the first schedule of the Customs Act, 1975 was sought.
  • Under this, the increase in customs duty on all items imported from Pakistan to 200 percent is mentioned.

Backgrounds

  • India has repeatedly told Pakistan to focus on terrorism issues.
  • However, the trade volume between India and Pakistan is very low.
  • Between July and January 2018-19, trade between the two countries was $ 1.12 billion.
  • Trade between India and Pakistan is done of Commodities such as cement, sugar, cotton, vegetables, organic chemical, selectable fruits, dry fruits, mineral oil andsteel.

Affect Pakistan Economy

  • This step of India can be a great shock to Pakistan's economy.
  • According to the 2012 figures between India and Pakistan, there is a trade of about $ 2.60 billion.
  • In such a situation, Pakistan will have to suffer huge losses in terms of business.
Q.1 How much custom duty has been increased on import from Pakistan?
A. 10 percent
B. 200 percent
C. 54 percent
D. 20 percent
Answer...
Ans: 200 percent
Q.2 Which country was given the status of 'Most Favored Nation' by India?
A. China
B. Pakistan
C. Afghanistan
D. Japan
Answer...
Ans: Pakistan

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