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India raises customs duty on all imports from Pakistan to 200% after withdrawing MFN status over Pulwama attack

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A day after withdrawing the Most Favoured Nation status to Pakistan, India on Saturday slapped a 200 per cent import duty on all goods originating or exported from Pakistan.

To enable this, an official notification amended the First Schedule to the Customs Tariffs Act inserting an entry “all goods originating in or exported from the Islamic Republic of Pakistan” for which the duty will be 200 per cent.
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The government decision comes as part of retaliation on the neighbour after 49 CRPF troopers were killed in the worst terror attack in Jammu and Kashmir by an activist belonging to Pakistan-based Jaish-e-Mohhammed which accepted the responsibility for the attack.

Finance Minister Arun Jaitley on Friday announced that India will withdraw the ‘Most Favoured Nation’ status accorded to Pakistan with immediate effect in the aftermath of the terror attack.

India has accorded the status to all members of the World Trade Organisation in accordance with provisions of the Article 1 of General Agreement on Tariffs and Trade, 1994.

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Consumers may get relief on petrol, diesel prices this festive season

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Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel this festive season.

Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.

Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil producing companies that crude prices may start falling again.

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