Government impose anti-dumping duty on Jute from Bangladesh, Nepal

Government impose anti-dumping duty on Jute from Bangladesh, Nepal 

The Government on January 5, 2017, imposed an anti-dumping duty ranging from USD 6.30 to USD 351.72 per tonne on imports of jute and its products from Bangladesh and Nepal for five years.The revenue department after considering the findings of the Directorate General of Anti-Dumping and

Allied Duties (DGAD) imposed the anti-dumping duty in order to protect the domestic industry. According to DGAD, Performance of domestic industry has deteriorated in the terms of profitability, return on investments and cash flow and domestic industry is also facing injury due to dumped imports.The import restrictive levy has been imposed on jute yarn, twine, Hessian fabric and jute sacking bags in all forms and specifications.An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that are priced below fair market value. In simple terms, a penalty imposed on suspiciously low-priced imports, to increase their price in the domestic country so as to protect local industry from unfair competition.