Scrap import duty issues a key topic at MRAI event
Scrap import duty issues a key topic at MRAI event
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The metal recycling sector in India is poised to continue its growth, which will provide much to discuss at the 4th International Indian Metals Recycling Conference, says the Metal Recycling Association of India (MRAI). The event takes place 26-28 January, 2017, at the Hotel Fairmont in Jaipur, Rajasthan, India. “This will be a good business opportunity for interacting with nearly 1,000 delegates from across the world,” says the MRAI.
The metal recycling sector has not yet “received its due support from the government of India despite the best efforts of the various sectors connected with recycling and secondary consumers,” says the MRAI in a news release previewing the conference.
Says the organisation, “Metal recycling not only provides a cost-effective source of raw materials to the consuming industries, it also reduces CO2 emissions and greenhouse gases, besides saving resources like energy and water.”
Adds the group, “This sector is one of the largest contributors to employment in India, with direct and indirect [employment] reaching over 1.7 million people. The MRAI and the metals recycling sector has been interacting with government’s programs of ‘Swach Bharat’ (Clean India) as well as ‘Make in India.’
Because of a shortage of domestically available raw materials, India imports many types of ferrous and nonferrous scrap metal, says MRAI. Unfortunately, India’s customs duty on imported scrap is a big hurdle.
According to MRAI, while competing metals producers in the United States, Europe, Japan, South Korea and the ASEAN (Association of Southeast Asian Nations) region have no import duties on nonferrous scrap, the story in India is very different. In that nation, copper and zinc scrap importers must pay a 5% duty while importers of aluminium and brass scrap pay a 2.5% duty rate.
Other issues hurting secondary metal producers in India include the lack of any domestic recycling policy, exorbitant shipping charges, valuation issues on imports and free trade agreements “leading to an Inverted duty structure,” according to the MRAI.
The MRAI says its “persistent good work” may soon cause the government to announce a draft policy on recycling. The revised policy will give recognition and a boost to end-of-life vehicle (ELV) recycling, says the MRAI.
“The importance the government is now giving to the recycling industry is visible from the fact that Steel Minister, Mines Minister and government representatives from departments like Environment and Shipping are expected to participate in the conference,” says the MRAI. The group says it also expects participation from the Brussels-based Bureau of International Recycling (BIR) and the Washington-based Institute of Scrap Recycling Industries (ISRI) at the conference.
Also on the event’s agenda is N. Mathivanan of the Delhi-based law firm Lakshmikumaran & Shridharan (L&S), which specializes in tax and trade issues. Mathivanan is involved in consulting and training on tax issues and will provide comments on the pending changes to India’s GST (goods and services tax) structure.
Advocate Vicky Shah will address delegates concerning cybercrime awareness and his role pertaining to helping Indian law enforcement agencies solve cybercrimes involving fraud and theft.
The MRAI also says it is launching a “world-class mobile app for Android and iPhone” that can be used by registered delegates to the MRAI’s conference in Jaipur. “This will give [delegates] an upper hand in managing [their] appointments and will help in increasing networking opportunities,” says the MRAI.
Functions of the app will include personal chat, group feed and a conference venue locator. The app can be accessed after delegates register. Those seeking to register before the event begins can visit this web page.
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Source: Recycling Today
Scrap import duty issues a key topic at MRAI event
<![CDATA[The metal recycling sector in India is poised to continue its growth, which will provide much to discuss at the 4th International Indian Metals Recycling Conference, says the Metal Recycling Association of India (MRAI). The event takes place 26-28 January, 2017, at the Hotel Fairmont in Jaipur, Rajasthan, India. “This will be a good business opportunity for interacting with nearly 1,000 delegates from across the world,” says the MRAI. The metal recycling sector has not yet “received its due support from the government of India despite the best efforts of the various sectors connected with recycling and secondary consumers,” says the MRAI in a news release previewing the conference. Says the organisation, “Metal recycling not only provides a cost-effective source of raw materials to the consuming industries, it also reduces CO2 emissions and greenhouse gases, besides saving resources like energy and water.” Adds the group, “This sector is one of the largest contributors to employment in India, with direct and indirect [employment] reaching over 1.7 million people. The MRAI and the metals recycling sector has been interacting with government’s programs of ‘Swach Bharat’ (Clean India) as well as ‘Make in India.’ Because of a shortage of…