The question asks to identify the specific Indian legislation that governs the imposition of anti-dumping duty.
Identifying the Governing Act for Anti-Dumping Duty
Anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. This practice is known as dumping.
The Customs Tariff Act, 1975
The primary legislation in India that empowers the government to levy and collect anti-dumping duties is The Customs Tariff Act, 1975.
- This Act allows the Central Government, upon a recommendation from the designated authority (usually the Directorate General of Trade Remedies), to impose anti-dumping duties.
- These duties are levied on specific imported articles to safeguard domestic industries from unfair trade practices like dumping.
- The Act ensures compliance with international trade rules, particularly the World Trade Organization (WTO) Agreement on Anti-Dumping.
Therefore, The Customs Tariff Act is the correct governing statute for anti-dumping duties in India.
Important Questions from India’s foreign trade policy
Which of the following is true about India Trade Policy (Export-Import), 2015-2019?
a) Doubling the exports (both merchandise and services)
b) Achieve 3.5% share in global exports
c) Introduced two new schemes (MEIS and SEIS)
d) Introduced simplified Aayat-Niryat Form
Choose the correct answer from the following:
The Government of India on 27-9-22 extended the existing Foreign Trade Policy (2015-20) up to which one of the following on account of volatile global economic and geo-political situation and currency fluctuations?
Foreign trade can contribute manifold to the growth. With reference to the role of foreign trade in economic development, which of the following statements is correct?
I. It enhances the welfare of domestic workers.
II. It helps to reduce poverty completely in all developing countries.
- As per the Foreign Trade Policy 2015-2020, a three star export house should have :
(1) Export performance (FOB/FOR) of US $ 100 million during current and previous two years.
(2) Export performance (FOB/FOR) of US $ 500 million during current and previous two years.
(3) Export performance (FOB/FOR) of US $ 1000 million during current and previous two years.
(4) Export performance (FOB/FOR) of US $ 2000 million during current and previous two years. Under the Foreign Trade Policy 2015-2020, following additional ports are allowed for export and import :
(a) Calicut Airport, Kerala
(b) Rajkot Airport, Gujarat
(c) Arakonam ICD, Tamil Nadu
(d) Ludhiana Airport, Punjab
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