The Bombay Metal Exchange Ltd (BME), apex body of non-ferrous metals trade arid industry, in a pre-budget proposal has requested the Finance Minister, Mr Pranab Mukherji to reduce the basic import duty on raw materials nil from the present levy of five per cent and to bring down the counterveiling duty (CVD) to a maximum five per cent from the present levy of eight per cent. Further it has also suggested that the import duty should be charged on the basis of weight to avoid further harassment in customs / excise department as it will help to avoid legal litigation and also avoid import of low grade scrap / waste, thus helping the environment.
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