Government extends minimum import price on 66 steel products

KOLKATA: The government has decided to extend the Minimum Import Price regime on 66 items for a period of two months. Following this, the MIP regime introduced for a six-month period in February 2016 and was due to end on Friday August 5, will now be applicable on these items till October 4, 2016, a commerce ministry notification said on Thursday. It will apply to steel items like billets, bars, wire rods, and coated steel.

Earlier the list of steel products under MIP included 173 items.

However, imports under Advance Authorisation Scheme are exempted from Minimum Import Price (MIP) under the notification.

An official notification said MIP conditions laid down in it will be valid for two more months with effect from 05/08/2016 or until further orders, whichever is earlier.