The Hindu Business Line : BME seeks cut in customs duty on copper products

At present, it works out to 46.4 per cent including customs duty at 25 per cent plus countervailing duty (CVD) at 16 per cent plus special additional duty (SAD) at 4 per cent.

In a detailed representation to the Union Finance Minister, Mr Jaswant Singh, highlighting the problems faced by downstream manufacturers especially small-scale units, Mr Ashok Bafna said: "Copper is an important raw material and comes under Chapter 74 covering wire bar, cathodes, wire rods etc., which form raw materials and from many of attracting customs duties of 25 per cent." During the last one year, the LME average price has shot up to almost $2200.50 per tonne, up by almost 40 per cent.

The copper market has been extremely volatile during this period and has affected many manufacturing units.

The exchange rate has also considering appreciated dollar versus rupee by 9.5 per cent during the last one year," Mr Bafna said.

"In the light of this very serious difficult situation, the exchange has suggested the government to examine and reduced the customs duty between 10 and 15 percentage point so that the trade and industry already suffering heavy burden gets some relief and are able to survive," he said.

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