India has slapped anti-dumping duty on various jute products from Bangladesh and Nepal.
The Indian Ministry of Finance imposed the provision through a notification issued on Friday.
The duty applicable is in the range of $6.3 to $351.72 per metric tons.
“The anti-dumping duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be payable in Indian currency,” the finance ministry notification dated December 30 said.
The government imposes anti-dumping duty on foreign imports when it believes that the goods are being “dumped” – through the low pricing – in the domestic market.
Anti-dumping duty is imposed to protect local businesses and markets from unfair competition by foreign imports.
The moves comes after Indian jute mills urged the Indian government to protect their businesses from cheaper imports from neighboring countries.
