A day after withdrawing the Most Favoured Nation status to Pakistan, India on Saturday slapped a 200 per cent import duty on all goods originating or exported from Pakistan.
To enable this, an official notification amended the First Schedule to the Customs Tariffs Act inserting an entry “all goods originating in or exported from the Islamic Republic of Pakistan” for which the duty will be 200 per cent.
The government decision comes as part of retaliation on the neighbour after 49 CRPF troopers were killed in the worst terror attack in Jammu and Kashmir by an activist belonging to Pakistan-based Jaish-e-Mohhammed which accepted the responsibility for the attack.
Finance Minister Arun Jaitley on Friday announced that India will withdraw the ‘Most Favoured Nation’ status accorded to Pakistan with immediate effect in the aftermath of the terror attack.
India has accorded the status to all members of the World Trade Organisation in accordance with provisions of the Article 1 of General Agreement on Tariffs and Trade, 1994.
