Finance Ministry notifies India-Japan Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017; As per Rule 3 thereof, Director General shall inter alia investigate whether increased imports of an originating good from Japan into India, have caused or threatening to cause serious injury to domestic industry as a result of elimination / reduction of customs duty under the Trade Agreement; Director General shall recommend bilateral safeguard measure for a particular duration which if adopted, would be adequate to prevent or remedy the serious injury; On receipt of recommendations of Director General, the Central Govt. may suspend further reduction of customs duty rate on originating good provided for in the Trade Agreement / increase the customs duty rate to a level not to exceed the lesser of – (i) the Most Favoured Nation applied customs duty rate on originating good in effect on the day when bilateral safeguard measure is taken; or (ii) the Most Favoured Nation applied duty rate on the day immediately preceding date of entry into force of Trade Agreement; Bilateral safeguard measure shall not exceed a period of 3 years from date of its imposition, provided that in highly exceptional circumstances, Central Govt. may extend said period on recommendation of Director General : Finance Ministry Notification
taxofindia 