Finance Ministry Is Not In Favor Of Removing Export Duty On Steel

Finance Ministry is not in favor of removing export duty on steel, a big relief to small entrepreneurs.

At present, the Finance Ministry is not in favor of withdrawing the export duty on steel. Steel exporting companies have recently requested the ministry to remove the export duty.

After the Russo-Ukraine war, steel prices had shot up, in view of which the government imposed a duty of 15 percent on steel exports to provide relief to small domestic entrepreneurs.

In April, steel prices had crossed Rs 78,000 per tonne level. Steel prices have fallen sharply after the imposition of export duty and are currently trading at Rs 62,000-64,000 per tonne level.

Indian Steel Association has urged Finance Minister Nirmala Sitharaman to remove duty on steel exports and allow the export of 2 million tonnes of steel without duty.

According to the association, a letter of credit had been issued for the export of 2 million tonnes of steel before the import duty was imposed.

The association also says that China can get the benefit from levying export duty on behalf of India.

Along with the export of steel, the government has also imposed a duty of up to 50 percent on the export of its raw material iron ore.

In 2021-22, steel exports registered a growth of 25 percent over the previous fiscal.

Demand has started emanating from rural areas.

Steel exports have been affected by the government’s decision, but small entrepreneurs using steel as raw material in their domestic production have gotten a big relief.

Entrepreneurs making secondary steel said that due to low steel prices, demand has started coming out from rural areas. At the same time, the cost of many items used in autos and homes will also be less.

RBI gave 3 months relaxation, now 1st October, credit and debit card token service deadline

The Reserve Bank of India (RBI) on Tuesday announced a change in the date of implementation of the card tokenize service.

Tokenize credit and debit card facility was going to start from 1st July 2022. But RBI has extended the card tokenize service deadline from July 1, 2022, to October 1, 2022.