New Delhi, Dec 18 (GCBusiness) To regulate the import of natural rubber, the Government has increased duty on import of dry rubber in order to create demand for locally produced rubber.
The Government has taken various measures to help rubber farmers struggling due to price fall of natural rubbers.
Domestic rubber prices are highly sensitive to import of natural rubber. To regulate the import of natural rubber, the Government has increased duty on import of dry rubber from 20 per cent or Rs 30 per kg whichever is lower to 25 per cent or Rs 30 per kg whichever is lower from April 30, 2015, official sources said.
The Government has also reduced the period of utilisation of imported dry rubber under advance licensing/ authorisation scheme from 18 months to 6 months.
Director General of Foreign Trade (DGFT) has imposed port restriction on the import of natural rubber by restricting the port entry to Chennai and Nhava Sheva (Jawaharlal Nehru Port) since January 20, 2016.
Rubber production incentive scheme is under implementation in the major rubber growing state of Kerala for providing financial support to rubber growers under which the difference between the scheme reference price of Rs 150 per kg and the daily market price is credited to the bank account of the farmer directly on the basis of purchase bills.
The Government has no proposal for opening of industrial parks for rubber-based units, the sources added.