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Loophole closed: DGFT disallows tyre imports via DFIA route
Industry News- Oct 12,20
The DFIA was the only remaining loophole which allowed the import of tyres, rest were curbed in June by DGFT.
Upholding Aatmanirbhar Bharat and Make In India and to encourage
domestic manufacturers, the government has banned the import of tyres using Duty
Free Import Authorisation (DFIA) Scheme.
The Directorate General of Foreign Trade (DGFT) said in a
notification that a new sub-para in a chapter in the Foreign Trade Policy
2015-20 has been in introduced for disallowing the import of tyres under DFIA
scheme.
This notification comes after the DGFT had imposed in March
the curbs on imports of certain new pneumatic tyres used in motor cars, buses,
lorries and motorcycles in a move to promote domestic manufacturing. The DFIA
was the only remaining loophole which allowed the import of tyres, rest were curbed
in June by DGFT.
Meanwhile, under the DFIA, particular imports were allowed
with zero duties for a time period of three years.
This step will also serve as a base for MSME
sector in India to fight competition.
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