Govt hikes import duty on electronic items, telecom gear to ease pressure on rupee

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The authorities has but once more elevated import duty on a number of electronic objects and Telecom tools to rein in present account deficit (CAD) and stabilise the rupee, the Revenue Department of the Finance Ministry mentioned in a notification on October 11.

The hike will come into impact on October 12.

The finance ministry had final month elevated import duty on high-end shopper objects, together with washing machines, air conditioner, footwear, diamonds, and jet gas as part of its plan to get international funds flowing again to India and to cut back CAD and stabilise the home foreign money.

While the full worth of import of those 19 objects within the 12 months 2017-18 was about Rs 86,000 crore, the federal government is anticipated to earn round Rs 3,400 crore due to the hike in duty this 12 months. This was earlier than the import duty hike introduced on October 11.

Restricting imports is part of the federal government’s earlier introduced five-point technique to arrest the rupee’s slide. Prime Minister Narendra Modi met Finance Minister Arun Jaitley and officers Reserve Bank of India (RBI) amongst others, final month to assessment the present financial situation to work out a method to bolster the market’s confidence and enhance the macroeconomic situation.

The measures included removing of withholding tax on masala bonds, leisure for international portfolio buyers, and curbs on non-essential imports, to comprise the widening CAD, which has widened to 2.four % of the GDP in April-June and verify the rupee’s fall.

The home foreign money has been falling regularly over the past two months on the again of rising world oil costs, and issues over present account deficit and capital outflows. On October 11, rupee closed at Rs 74.12 per greenback.

Copy of the notification given beneath:

 

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cs76-2018-page-001 (1) (1)  Govt hikes import duty on electronic items, telecom gear to ease pressure on rupee cs76 2018 page 001 1 1

 

Govt hikes import duty on electronic items, telecom gear to ease pressure on rupee cs76 2018 page 002 1 1 1

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