CICU appreciated decision of prohibition import of screws

Ludhiana, January 5, 2024: Chamber of Industrial and Commercial Undertakings (CICU) is demanding since long time to various Ministers to take action to stop unethical practice and import of products undervalued.
 
In a move to discourage imports and promote domestic manufacturing, the Minister of Commerce & Industry has prohibited the imports of Screws through a notification issued by DGFT. This prohibition is applicable to certain types of screws, which are valued under Rs. 129/ per kg.
 
As per notification 55/2023, 03.01.2024, “The Import Policy of Screws is revised from “Free” to “Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg.”
 
Products included in the ban are coach crews, machine screws, wood screws, hook screws, self-tapping screws.
 
CICU has welcomed the decision, as the industry will be greatly benefitted by the move.
 
CICU General Secretary Honey Sethi and J. S Bhogal Organizing Secretary of CICU appreciated the decision as a representation was already submitted by CICU to the Ministry of Commerce regarding increasing imports and under invoicing of fasteners in India.