Recent notification issued by Indian Finance Ministry on 07 Nov, 2014 against rising import of non-BIS Rebar from China has made Indian importers to file a stay petition in Mumbai High Court, which is due for admission on 24 Nov, 2014.
Sources close to this matter reported that about 20,000 MT cargo from China, which is stuck at Mumbai customs and not being cleared owing to BIS (Bureau of Indian Standard) norms. Meanwhile, some cargo has also been reported uncleared from Chennai port.
Chinese exporters get the benefit of 8-13% on export of alloy steel, in which Boron is added to a very low extent.
Indian steel manufacturers claimed that imports from China are rising on the backdrop of export benefit given by the Chinese government. However, it does not match Indian standard norms.
“Against the Central Board of Excise & Customs (CBEC) circular dated 07 Nov’14, a few traders have approached Mumbai High Court and submitted a Writ Petition (L) No. 2962 of 2014, which is due for admission at 11:00 hrs on 24 Nov, 2014 in court of Justice comprising SC Dharmadhikari and AA Sayed. Commissioner of Customs Mumbai, MoS etc are respondent,” said a Rebar manufacturer, who is closely tracking this matter.
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