CICU appreciated decision of prohibition import of screws
Chamber of Industrial and Commercial Undertakings (CICU) is demanding since long time to various Ministers to take action to stop unethical practice and import of products undervalued.
City Air News
Jan 5, 2024 06:50
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Ludhiana, January 5, 2024: Chamber of Industrial and Commercial Undertakings (CICU) is demanding since long time to various Ministers to take action to stop unethical practice and import of products undervalued.
In a move to discourage imports and promote domestic manufacturing, the Minister of Commerce & Industry has prohibited the imports of Screws through a notification issued by DGFT. This prohibition is applicable to certain types of screws, which are valued under Rs. 129/ per kg.
As per notification 55/2023, 03.01.2024, “The Import Policy of Screws is revised from “Free” to “Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg.”
Products included in the ban are coach crews, machine screws, wood screws, hook screws, self-tapping screws.
CICU has welcomed the decision, as the industry will be greatly benefitted by the move.
CICU General Secretary Honey Sethi and J. S Bhogal Organizing Secretary of CICU appreciated the decision as a representation was already submitted by CICU to the Ministry of Commerce regarding increasing imports and under invoicing of fasteners in India.
