A bench comprising of Chief Justice G Rohini and Justice Jayant Nath Delhi High Court today said that Government notification on Minimum Import Price(MIP) for Steel is in Public Interest.
The Court was hearing a petition filed by Steel Wires Manufacturers Association of India against the government’s MIP on 173 steel products aimed at providing relief to local steel producers hurt by cheap imports.
While denying the contentions of the petitioners that the impugned notification would force the Indian importers to more foreign exchange it is stated that the impugned notification, in fact, would curtail the existing outflow of foreign exchange incurred on import of iron and steel and such a policy decision taken by the Government warrants no interference in the writ jurisdiction under Article 226 of the Constitution of India, the Court said.
“We are prima facie satisfied that the impugned notification is nothing but a policy decision taken by the Government of India in the interest of public and to stabilize the domestic market of steel. Hence, we find force in the submissions of the Respondents that staying the impugned notification pending the writ petition would be against the public interest”, the Court added.
The Court directed that the goods shipped by the foreign suppliers shall be cleared by the Port authorities subject to the condition of the Petitioners depositing with the Commissioner of Customs (Import) of the concerned port the difference of the price between MIP and the agreed contractual price.
The bench has listed the matter for further hearing on July 27.
Read the full text of the order here.
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