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BME seeks higher customs duty on copper tubes

Our Bureau

Mumbai , March 25

THE Union Government should keep customs duty difference of at least 10 per cent between basic raw materials (copper cathode and wire bar) and the finished products (tubes strip and foils), according to Mr Ashok Bafna, President of the Bombay Metals Exchange (BME).

Addressing the 47th Annual General Meeting of BME, Mr Bafna said: "Duties on raw materials are also always pegged at a level lower than those fixed for the finished goods.

Due to our constant and repeated follow-ups, the duty has now been reduced to 20 per cent and SAD completely removed on copper."

He added: "Major manufacturers of air-conditioners and refrigerators will not purchase copper tubes from local units at higher prices when they can import at cheaper prices paying 15 per cent import duty.

"Small-scale manufacturers who import basic raw materials have to pay 20 per cent customs duty.

Plus, local units will have pay other charges such as octroi, electricity, high cost of petrol, diesel and furnace oil, CST, turnover tax, surcharge and other local levies, which comes to nearly 10 per cent."

On launching of online futures trading in non-ferrous metals, he said: "We have formed a working committee to formulate rule and regulations of futures contracts.

We hope to start operations in the near future."

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