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Import duty on 19 non-essential items
September 28 , 2018
2277 days
1005
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- The Union Finance Ministry has increased import duty on 19 ‘non-essential items’ high-end consumer items to curb import of certain imported items.
- The 19 ‘non-essential items’ includes air conditioners, refrigerators, washing machines and ATF (aviation turbine fuel).
- This decision was taken to stabilise depreciating rupee by narrowing current account deficit (CAD) and get outgoing foreign funds flowing back to India.
- CAD is difference between inflow and outflow of foreign exchange. It has widened to 2.4% of GDP in the April-June quarter.
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