India Hikes Customs Duty on Goods Imported from Pakistan to 200% After Pulwama Terror Attack
India mainly exports raw cotton, cotton yarn, chemicals, plastics, manmade yarn and dyes to Pakistan.
A fire tender at the site of the Pulwama terror attack in which 40 CRPF jawans were killed on Thursday.
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New Delhi: Following the withdrawal of Most Favoured Nation (MFN) to Pakistan, India on Saturday hiked customs duty on goods imported from the neighbouring country to 200% in retaliation to the Pulwama terror attack.
“India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect. #Pulwama,” Finance Minister Arun Jaitley tweeted 48 hours after 40 CRPF jawans were martyred in the attack carried out by the Jaish-e-Mohamad terror group which operated from across the border.
Total India-Pakistan trade has increased marginally to $2.41 billion in 2017-18 as against $2.27 billion in 2016-17. India imported goods worth $488.5 million in 2017-18 and exported goods worth $1.92 billion in that fiscal.
India mainly exports raw cotton, cotton yarn, chemicals, plastics, manmade yarn and dyes to Pakistan.
The decision to withdraw the MFN status was taken at a Cabinet Committee on Security (CCS) meeting chaired by Prime Minister Narendra Modi to discuss the security scenario in Jammu and Kashmir in the wake of the Pulwama terror attack.
Forty CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.
Details to follow
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“India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect. #Pulwama,” Finance Minister Arun Jaitley tweeted 48 hours after 40 CRPF jawans were martyred in the attack carried out by the Jaish-e-Mohamad terror group which operated from across the border.
Total India-Pakistan trade has increased marginally to $2.41 billion in 2017-18 as against $2.27 billion in 2016-17. India imported goods worth $488.5 million in 2017-18 and exported goods worth $1.92 billion in that fiscal.
India mainly exports raw cotton, cotton yarn, chemicals, plastics, manmade yarn and dyes to Pakistan.
The decision to withdraw the MFN status was taken at a Cabinet Committee on Security (CCS) meeting chaired by Prime Minister Narendra Modi to discuss the security scenario in Jammu and Kashmir in the wake of the Pulwama terror attack.
Forty CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.
Details to follow
Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.