CURRENT AFFAIRS

Detailed explanation-1: -The Government has brought the import of paper under compulsory registration from the 1st of October. The import policy of major paper products has been amended from ‘Free’ to ‘Free subject to compulsory registration under Paper Import Monitoring System’.

Detailed explanation-2: -The waste and scrap of paper or paperboard falling under heading 4707 of the First Schedule to the Customs Tariff Act, is presently liable to the Basic customs duty (BCD) 10%, Social Welfare Cess (SWC) and IGST5%.

Detailed explanation-3: -However, paper products like currency paper, bank bond and Cheque paper, security printing paper, etc. have been excluded from mandatory registration.

Detailed explanation-4: -India imports most of its Newsprint paper from Russia, United States and Canada and is the largest importer of Newsprint paper in the World. The top 3 importers of Newsprint paper are India with 17,981 shipments followed by United States with 12,654 and Indonesia at the 3rd spot with 5,979 shipments.