Natural Rubber Duty Raised to the Lower of 20% or Rs. 30 per kg from 20% or Rs. 20 per kg

In Order to Protect the Interest of Rubber Growers, The Basic Customs Duty on Natural Rubber has been Iincreased from 20% or Rs 20 Per Kg Whichever is Lower, to 20% or Rs 30 Per Kg Whichever is Lower

In recent months, the prices of rubber in the domestic market have fallen considerably. The fall in prices is stated to be due to increased imports. To protect the interest of rubber growers, the basic customs duty on natural rubber has been increased from 20% or Rs 20 per kg, whichever is lower, to 20% or Rs 30 per kg, whichever is lower, vide notification No. 51/2013-Customs dated 20-12-2013. Over 12 lakh farmers who are dependent on this crop for their livelihood, are to be benefitted.

[Source: PIB (MoF) Press Release dated 21^st December 2013]

[Customs Notification No. 51 dated 20^th December 2013]

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17^th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17^th March, 2012, namely:-

In the said notification, in the Table, against serial number 252, in column (3), against item (ii), for the entry in column (4), the entry “20% or Rs.30/- per kg, whichever is lower” shall be substituted;

[F. No.354/111/2011-TRU]