In a recent notification issued by the Indian government today, clarifications have been provided on the notification No.38 dated 5 Feb’16 regarding Minimum Import Price on steel products.
As per the clarification issued, the imports below fixed MIP will not be allowed in to India and all the duties are required to be calculated on fixed MIP. Imports shipped before 5 Feb’16 will be allowed in to India at the rate at which deal has been signed between buyer and seller. However all the imports booked on and after 5 Feb’16 will be only allowed in to India at fixed MIP or at above rates.
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