Export Duty on All Varieties of Iron Ore Has Been Increased From 20% to 30% Ad Valorem

In order to conserve iron ore resources of the country for long term domestic value addition, export duty on all varieties of iron ore has been increased from 20% to 30% ad valorem with effect from December 30th 2012.

Chrome is used in steel manufacturing. Export duty on chrome ore and concentrates has been enhanced to 30% ad valorem w,e.f. 17th March 2012.

To encourage beneficiation and pelletization of iron ore fines in the country, basic Customs Duty on the plants and equipments required for initial setting up or substantial expansion of iron ore pellets plants and iron ore beneficiation plants has been reduced from 7.5/5% to 2.5% w.e.f 17th March 2012.

Steel Sport Policy for the CPSEs under the Ministry of Steel adopted with a view to provide opportunity and encouragement to the outstanding sportspersons. Hon’ble Minster of Steel awarded cash prize of INR 25 lakh and INR 20 lakhs each to Silver medalists and Bronze medalists of London Olympics 2012 respectively.

Sevottam Compliant Citizen’s Charter has been revised by the Ministry of Steel and implemented to provide prompt services to citizens/clients.

An action plan to mitigate potential areas of corruption in the Ministry of Steel has been prepared and is under implementation.