The Ministry of Finance (MoF) on October 09, 2023, amended an older notification No.152/2009-Customs, dated December 31, 2009, related to the Imposing of bilateral safeguard duty on imports of Ferro Molybdenum from Korea RP.
The following has been stated: -
•In the final findings of the Bilateral Safeguard investigation issued vide F. No. 22/03/2022- DGTR, dated May 29, 2023, the Authority has concluded that-
Imports of the subject goods from the Republic of Korea have increased and constitute “increased imports” within the meaning of the rules and the India-Korea Comprehensive Economic Partnership Agreement.
The increased imports have caused serious injury.
There exists a causal link between the increased imports and serious injury to the domestic industry; and recommended imposition of bilateral safeguard measures of increasing the rate of customs duty on subject goods originating in Korea RP and imported into India as specified in the aforesaid final findings, in order to remove injury to the domestic industry.
•Therefore, in the said notification the following amendments are made under the Customs Act, 1962, and the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017
(a) in the Table, after serial number 529 and the entries relating thereto, the following serial numbers and entries shall be inserted 529A related to all goods, 529B related to Ferro Molybdenum.
•After the second proviso below the Table, the following proviso shall be inserted, namely: - “Provided also that, to give effect to the bilateral safeguard measure, as recommended by the Director General of Trade Remedies, - (i) nothing contained in serial number 528 and entries relating thereto in the said table shall have effect up to and inclusive of the 9th day of October 2025.
This notification shall come into force on October 10, 2023.
The detailed notification is given in the document attached below.
[Notification No. 58/2023-Customs]
