New Delhi, Sept 15 (KNN) Finance Minister Arun Jaitley on Monday announced government’s decision to impose 20 per cent safeguard duty on steel imports with immediate effect.
 
“On the representations of the domestic steel industry, the Director General of Safeguard had initiated safeguard investigations into alleged increased imports and consequent injury to domestic industry and issued a preliminary finding dated 09.09.2015 recommending imposition of provisional safeguard duty at the rate of 20 per cent ad-valorem, for a period of 200 days on “Hot rolled flat products of non-alloy and other alloy steel in coils of a width of 600 mm or more” classifiable under heading 7208 or tariff item 7225 30 90 Chapter 72 of the Customs Tariff Act, 1975,” Finance Ministry said in a release. 
 
The recommendations of the DG Safeguards were examined by the Standing Board on Safeguards, which after due deliberations confirmed the recommendations of the Director General of Safeguards for levy of provisional safeguard duty of 20 per cent ad-valorem for 200 days on such goods. 
 
The Central Government after examination has accepted the findings of DG (Safeguard).
 
Accordingly, Notification is being issued imposing a provisional Safeguard duty effective from today on Hot-rolled flat products of non-alloy and other alloy Steel in coils of a width of 600 mm or more [falling under heading 7208 or tariff item 7225 30 90] at the rate of 20 per cent (twenty percent) ad-valorem for a period of 200 days. (KNN Bureau)