NMDC Iron Ore Export Duty Cut to 10%

Seeks to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2018.

[Customs Notification No. 50 dated 16^th October 2015]

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011, namely :-

In the said notification, in the Table, after S.No.20A and the entries relating thereto, the following S.No. and the entries shall be inserted, namely:-

“20B

2601 11, 2601 12

All goods, of National Mineral Development Corporation (NMDC) origin when exported by MMTC Limited, under the Long Term Agreement (hereinafter referred to as LTA), to Japan and South Korea subject to the condition that the exporter shall produce, prior to clearance of the said goods, before the Assistant Commissioner of Customs or Deputy Commissioner of Customs having jurisdiction, as the case may be, a certificate from the Director concerned of MMTC Limited to the effect that the said goods are of NMDC origin and are meant for export under the LTA to Japan and South Korea. Provided that nothing contained in this entry shall have effect on or after the first day of April, 2018.

10%

[F.No.354/231/2014 -TRU]