Business News | India Sets Minimum Import Price for Some Paper Boards
Get latest articles and stories on Business at LatestLY. The central government has amended the import policy for certain categories of paper and paperboard by introducing a Minimum Import Price (MIP) for Virgin Multi-layer Paper Board (VPB).
New Delhi [India], August 23 (ANI): The central government has amended the import policy for certain categories of paper and paperboard by introducing a Minimum Import Price (MIP) for Virgin Multi-layer Paper Board (VPB).
According to a notification issued by the Directorate General of Foreign Trade (DGFT) dated August 22, the import of VPB under HS Codes 48059100, 48059200, 48059300, 48109200, and 48109900 will now be subject to a MIP of Rs 67,220 per metric ton on a Cost, Insurance and Freight (CIF) basis.
This imposition of MIP will remain in effect till March 31, 2026, the DGFT notification said.
In June this year, the Indian Paper Manufacturer Association applied to the Directorate General of Trade Remedies (DGTR), on behalf of the domestic industry, for the initiation of an anti-dumping investigation concerning imports of Virgin Multi-layer Paperboard originating in or exported from Indonesia.
The Association had alleged that material injury is being caused to the domestic industry due to dumped imports from Indonesia. They also had requested for imposition of anti-dumping duty on the imports of the product.
Virgin Multi-layer Paper Board is used in packaging of pharmaceuticals, FMCG products, food and beverages, electronics, high end cosmetics, and liquor, and in book covers, publishing, among others.
"The normal value and the export price have been compared at the ex-factory level, which prima facie establishes that the dumping margin is above the de-minimis level with respect to the subject goods imported from Indonesia. Thus, there is sufficient prima facie evidence that the product under consideration from Indonesia is being dumped in the domestic market of India by the exporters from the subject country," DGTR had remarked then.
On the basis of the duly substantiated application filed by the Association and on being satisfied based on the prima facie evidence submitted by them, DGTR had initiated an anti-dumping investigation to determine the existence, degree and effect of the dumping of the product from that particular country, and to recommend the appropriate amount of anti-dumping duty, which if levied, would be adequate to remove the injury to the domestic industry. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)