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India strikes Pakistan economy; raises custom duty by 200% on all imports
India, on Friday, had also withdrawn ‘Most Favoured Nation’ status accorded to Pakistan after the Pulwama aftermath, killing nearly forty-five CRPF personnel. This is said to be one of the deadliest terror strikes in Jammu and Kashmir where a Jaish-e-Mohammad suicide bomber blew up an explosive-laden vehicle near their convoy of 78 vehicles in Pulwama district.
New Delhi: Blowing hard on Pakistan's economic, Indian government raised the customs duty to 200 per cent on all the goods imported from the neighbouring country, including fresh fruits, cement, petroleum products and mineral ore, in the aftermath of Kashmir's Pulwama terror attack.
"India has withdrawn MFN (most favoured nation) status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200 per cent with immediate effect," Finance Minister Arun Jaitley said in a tweet.
India has withdrawn MFN status to Pakistan after the Pulwama incident. Upon withdrawal, basic customs duty on all goods exported from Pakistan to India has been raised to 200% with immediate effect. #Pulwama
— Arun Jaitley (@arunjaitley) February 16, 2019
The decision would significantly hit Pakistan's exports to India, which stood at $488.5 million (around Rs 3,482.3 crore) in 2017-18.
During April-October 2018-19, India's exports to Pakistan stood at $1.18 billion, while imports were $338.66 billion.
Total India-Pakistan trade has increased marginally to $2.41 billion in 2017-18 as against $2.27 billion in 2016-17.
India in 2017-18 had imported goods worth $488.5 million and had exported worth $1.92 billion.
Imposing an import duty of 200 per cent will apparently mean almost banning the imports from Pakistan.
The two main items imported from the neighboring country are fruits and cement, on which the current customs duty is 30-50 per cent and 7.5 per cent, respectively.
India, however, exports raw cotton, cotton yarn, chemicals, plastics, manmade yarn and dyes to Pakistan.
India, on Friday, had also withdrawn ‘Most Favoured Nation’ status accorded to Pakistan after the Pulwama aftermath, killing nearly forty-five CRPF personnel. This is said to be one of the deadliest terror strikes in Jammu and Kashmir where a Jaish-e-Mohammad suicide bomber blew up an explosive-laden vehicle near their convoy of 78 vehicles in Pulwama district.
India is also said to be preparing a dossier in order to blacklist terror funding Pakistan in a Paris meet of international terror financing watchdog, Financial Action Task Force.
