September 26, 2018 / 2:25 PM / 3 months ago

FACTBOX-India hikes import duties as it seeks to curb current account deficit

    NEW DELHI, Sept 26 (Reuters) - India on Wednesday raised
import tariffs on 18 items and introduced a new tax on jet fuel
as it seeks to narrow its current account deficit, which has
weighed on the rupee, Asia's worst performing currency this
year.
    The duties are effective from Thursday. The imports
concerned were valued at about 860 billion rupees ($11.84
billion) in the last financial year that ended on March 31.
    
    Here is a list of the new tariffs. 
    
        Item          Earlier duty    New duty
  Air conditioners         10            20
      Household            10            20
    Refrigerators                   
  Washing machines         10            20
   less than 10 Kg                  
 Compressor for air       7.5            10
  conditioners and                        
    refrigerators                         
   Audio speakers          10            15
                                    
                                    
      Footwear             20            25
                                          
                                          
  Radial Car tyres         10            15
                                    
                                    
  Cut and polished         5             7.5
      diamonds                            
                                          
    Diamonds-semi          5             7.5
 processed, half cut                      
     or broken                            
                                    
                                    
 Lab-grown diamonds        5             7.5
                                    
                                    
  Cut and polished         5             7.5
 coloured gemstones                 
                                    
     Articles of           15            20
 jewellery and parts                
  thereof that are                  
  made of precious                  
  metal or of metal                 
 clad with precious                 
        metal                       
                                    
                                    
     Articles of           15            20
    goldsmith or                    
  silversmith wares                 
  and parts thereof                 
  that are made of                  
  precious metal or                 
 of metal clad with                 
   precious metal                   
                                    
                                    
 Bath, shower bath,        10            15
  sink, wash basin,                 
    etc. made of                    
      plastics                      
                                    
                                    
 Plastic items used        10            15
 for conveyance and                 
   packing such as                  
    boxes, case,                    
     containers,                    
 bottles, insulated                 
     wares etc.                     
                                    
                                    
     Tableware,            10            15
   kitchenware and                  
   other household                  
    items made of                   
      plastics                      
                                    
                                    
 Miscellaneous items       10            15
 of plastics such as                
 office stationery,                 
    fittings for                    
     furniture,                     
 decorative sheets,                 
 statuettes, beads,                 
    bangles etc.                    
                                    
                                    
 Trunks, suitcases,        10            15
  executive cases,                        
 brief cases, travel                      
   bags, and other                  
      bags etc.                     
                                    
                                    
      Jet fuel             0              5
                                          
                                    
    
    ($1 = 72.6050 Indian rupees)

 (Reporting by Krishna N. Das
Editing by Martin Howell)
  
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