Pulwama terror attack: India hikes customs duty to 200% on all goods imported from Pakistan

Agencies
February 17, 2019

New Delhi, Feb 17: Taking strong economic action against Pakistan following the Pulwama terror attack, India Saturday raised the customs duty to 200 per cent on all goods imported from the neighbouring country, including fresh fruits, cement, petroleum products and mineral ore.

The decision would significantly hit Pakistan's exports to India, which stood at USD 488.5 million (around Rs 3,482.3 crore) in 2017-18 as it would drastically increase the prices of its goods here.

" India has withdrawn MFN (most favoured nation) status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200 per cent with immediate effect," finance minister Arun Jaitley said in a tweet.

The two main items imported from Pakistan are fruits and cement, on which the current customs duty is 30-50 per cent and 7.5 per cent, respectively.

Slapping an import duty of 200 per cent effectively means almost banning the imports from Pakistan, official sources said.

India on Friday revoked the MFN status to Pakistan in the aftermath of the Pulwama terror attack. The country invoked a security exception clause of the World Trade Organisation (WTO) to withdraw this status. Both the countries are member of this organisation.

India can also restrict trade of certain goods and impose port-related restrictions on Pakistani goods.

Items which Pakistan exports to India include fresh fruits, cement, petroleum products, bulk minerals and ores, finished leather, processed minerals, inorganic chemicals, cotton raw, spices, wool, rubber product, alcoholic beverages, medical instruments, marine goods, plastic, dyes and sport goods.

India granted the MFN status to Pakistan way back in 1996, but the neighbouring country had not reciprocated.

Under the MFN pact, a WTO member country is obliged to treat the other trading nation in a non-discriminatory manner, especially with regard to customs duty and other levies.

In 2012, Pakistan had committed to giving the MFN status to India but retracted later due to domestic opposition. Instead of MFN, Pakistan said it was working on granting Non-Discriminatory Market Access (NDMA) status to India but that also was not announced.

Total India-Pakistan trade has increased marginally to $ 2.41 billion in 2017-18 as against $ 2.27 billion in 2016-17. India imported goods worth $ 488.5 million in 2017-18 and exported goods worth $ 1.92 billion.

During April-October 2018-19, India's exports to Pakistan stood at $ 1.18 billion, while imports were $ 338.66 billion.

India mainly exports raw cotton, cotton yarn, chemicals, plastics, man-made yarn and dyes to Pakistan.

At least 40 CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish-e-Mohammed suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.

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News Network
June 6,2020

New Delhi, Jun 6: With 9,887 new positive cases reported in the last 24 hours, India's COVID-19 count touched 2,36,657 on Saturday surpassing Italy's latest tally of over 2.34 lakh, taking India to the sixth spot among countries with the highest caseloads of the virus.

The Union Ministry of Health and Family Welfare (MoHFW) said that India registered a spike of 9887 new cases and 294 deaths in the past 24 hours taking the tally to 1,15,942 active cases and 6642 deaths.

Today's count was the highest single-day spike in the country, which has now overtaken Italy, according to the tally posted by the Johns Hopkins University which posted that globally the coronavirus had infected over 66.64 lakh people and claimed over 3.91 lakh lives so far.

In india, the MoHFW informed that 1,14,073 persons have been cured/discharged/migrated so far.

Maharashtra remains the worst-hit State as the total number of COVID-19 positive cases reached 80,229. While the total number of active cases in the state stands at 42,224.

In Tamil Nadu, 28,694 cases have been detected so far while Delhi has reported 26,334 coronavirus cases.

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News Network
July 11,2020

Geneva, Jul 11: The World Health Organization said Friday that it is still possible to bring coronavirus outbreaks under control, even though case numbers have more than doubled in the past six weeks.

WHO chief Tedros Adhanom Ghebreyesus said the examples of Italy, Spain, South Korea and India's biggest slum showed that however bad a outbreak was, the virus could still be reined in through aggressive action.

"In the last six weeks cases have more than doubled," Tedros told a virtual press conference in Geneva.

However, "there are many examples from around the world that have shown that even if the outbreak is very intense, it can still be brought back under control," said Tedros.

"And some of these examples are Italy, Spain and South Korea, and even in Dharavi -- a densely packed area in the megacity of Mumbai -- a strong focus on community engagement and the basics of testing, tracing, isolating and treating all those that are sick is key to breaking the chains of transmission and suppressing the virus."

The novel coronavirus has killed at least 555,000 people worldwide since the outbreak emerged in China last December, according to a tally from official sources compiled by AFP on Friday.

Nearly 12.3 million cases have been registered in 196 countries and territories.

"Across all walks of life, we are all being tested to the limit," Tedros said, "from countries where there is exponential growth, to places that are loosening restrictions and now starting to see cases rise.

"Only aggressive action combined with national unity and global solidarity can turn this pandemic around."

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News Network
June 15,2020

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

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