Govt. amends Notification providing deeper Tariff Cuts as agreed under India-Korea CEPA and effects HSN changes as well affecting Imports of 'Polybutadiene Rubber'

The Central Government has amended the notification providing deeper tariff cuts as agreed under India-Korea CEPA and effects HSN changes as well, affecting imports of “Polybutadiene Rubber”.

The matter concerning imports of “Polybutadiene Rubber” falling under tariff item 4002 20 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), the Director-General of Trade Remedies initiated an investigation in terms of the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 vide initiation notification in order to determine whether the imports of the subject goods from Korea RP constitute increased imports and whether the increased imports have caused or are threatening to cause serious injury to the domestic industry.

In the preliminary findings of the Bilateral Safeguard investigation, the Authority has provisionally concluded that firstly, the domestic industry has suffered serious injury as a result of duty concessions granted to Korean imports leading to increased imports of the subject goods from Korea at low prices.

Secondly, injury to the domestic industry has been caused by the increased Korean imports and there is a causal link between increased imports of subject goods from Korea and serious injury to the domestic industry;

Lastly, the factors present constitute critical circumstances and are affecting the overall performance of the domestic industry, justifying the imposition of provisional bilateral safeguard measures.

Therefore, the Finance Ministry further amended the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.152/2009-Customs, dated December 31, 2009.

In the notification, in the Table, after serial number 342 and the entries relating thereto, the following serial numbers and entries shall be inserted:

(1)	(2)	(4)	(5)
“342 A	400220	All Goods	10.00”

After the first proviso, the “Provided further that, to give effect to the provisional bilateral safeguard measure, as recommended by the Director-General of Trade Remedies.

Nothing contained in serial number 342 and entries relating thereto in the said Table shall have an effect up to and inclusive of the 28th day of January 2021.

The entries contained in serial number 342A in the said Table shall have an effect up to and inclusive of the 28th day of January 2021; unless revoked, superseded or amended earlier.”  proviso shall be inserted.

To Read the full text of the Notification CLICK HERE