According to the Union Budget 2021-22 presented by Nirmala Sitharaman, the Finance Minister of India, India decided to lift import tariffs on scrap from February 1, so as to reduce the burden on metal recyclers, especially small and medium-sized enterprises, with a validity up to March 31, 2022.
Besides, the tariffs on copper scrap were also reduced from 5% to 2.5%. The anti-dumping (AD) duty and countervailing duty (CVD) on certain steel products were also revoked by India.
Separately, India will implement a voluntary vehicle scrapping policy, covering 20-year passenger vehicles and 15-year commercial vehicles.
Source: YIEH
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