Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: Centre may roll back duty

Centre may roll back duty
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newsbyte on 13 May, 2008 03:07:56
 
New Delhi, May 13: The government is "seriously considering" doing away with
export duty after steel makers lowered prices to help contain inflation.
"The demand of the steel producers on rolling back the export duty is under
consideration and a decision is expected soon," the steel secretary, Mr Raghav
Sharan Pandey, said.
Inter-ministerial consultations are on in this connection.
During their meeting with Prime Minister Manmohan Singh last week, steel
producers pledged to lower prices of flat products by Rs 4,000 a tonne and
prices of reinforcement bars and structural steel by Rs 2,000 and hold the price
line for the next 2-3 months.
"The notification by the Finance ministry was absolutely imperative as in its
absence the duty payable would have been 20 per cent," Mr Pandey said.
He pointed out that export duties on certain products has been imposed in
pursuance of the Finance Bill, which was approved in the last session of
Parliament and received the President’s assent.
Denying reports that certain steel makers were planning to roll back their
price cuts, the secretary said that none of the seven major producers have
expressed such an opinion to the ministry.
The steel makers have suggested that in view of their self restrain on exports,
the government should not impose duties.
"This is being seriously considered and as part of the process certain
information has even been sought from the major producers," Mr Pandey added.
Mr Raghav said that the meeting with secondary steel producers has been
organised on Wednesday to discuss various issues with them, including prices.
(PTI)