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Tuesday, March 20, 2012

Export of iron ore through MMTC

Tuesday, 20 Mar 2012

Mr Jyotiraditya M Scindia minister of state for commerce and industry, said that under the extant Foreign Trade Policy, export of iron ore with Fe content 64% and above (except iron ore of Goa & Redi origin) is under the State Trading Regime through MMTC Limited.

However, the feasibility of nodal agency operation, as an interim measure, to cover exports of most grades of iron ore as an accounting procedure is under examination, to enforce legitimacy and tighter regulation of iron-ore exports and compliance with mining regulations. Procedures for end-to end monitoring of mineral movement (from mining stage to end-use/export) and mandatory registration of and reporting by all stakeholders would help to establish the traceability of the ore thereby ensuring that it is sourced through legal mining operations.

To ensure domestic availability of iron ore, Government has raised the ad-valorem export duty on iron ore lumps and fines to 30% and imposed differential railway freight on iron ore meant for export.

Source - PIB

1 comment:

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