According to BusinessStandard, the notification said that the existing bonds for seafood export would be terminated henceforth. The latest notification is in line with a World Trade Organisation (WTO) ruling issued in favour of India and Thailand in 2008.
During the first week of March, the US Department of Commerce (DoC) had reduced the anti-dumping duty on Indian shrimp to 0.79 per cent from 1.69 per cent.
The US had imposed bond requirement to curb the menace of dumping of cheap shrimp and shrimp products from India and other countries. As per the US Customs order, exporters had to pay an amount equal to $50,000, or 10 per cent of the previous year’s duties paid by an exporter.
India Relieved of US Shrimp Duties
INDIA - Giving a major relief to the Indian shrimp exporters, the US Customs & Border Protection (CBP) has recently withdrawn the customs bond requirement imposed in 2004.
