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Iron ore attracts an export duty of 15 per cent for lumps and five per for fines and is a natural resource which needs to be conserved. Mr Mukerjee proposes to enhance the rate of export duty for all types of iron ore and unify it at 20 per cent ad valorem. Iron ore is also exported in a value-added, pelletised form. Full exemption from export duty is being provided to iron ore pellets to encourage the value addition process for fines. The Budget fully exempts stainless steel scrap from basic customs duty.
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