After withdrawal of MFN status, India takes yet another step against Pakistan
NEW DELHI - India while slapping an import duty of 200 per cent on Pakistani imports has effectively means almost banning the imports from Pakistan, official sources said.
Taking strong economic action against Pakistan following the Pulwama terror attack, India Saturday raised the customs duty to 200 per cent on all goods imported from the neighbouring country, including fresh fruits, cement, petroleum products and mineral ore, DNA has reported.
The decision would significantly hit Pakistan's exports to India, which stood at USD 488.5 million (around Rs 3,482.3 crore) in 2017-18 as it would drastically increase the prices of its goods here.
"India has withdrawn MFN (most favoured nation) status to Pakistan after the Pulwama incident.
Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200 per cent with immediate effect," Finance Minister Arun Jaitley said in a tweet.
The two main items imported from Pakistan are fruits and cement, on which the current customs duty is 30-50 per cent and 7.5 per cent, respectively.
Slapping an import duty of 200 per cent effectively means almost banning the imports from Pakistan, official sources said.