India hikes import duties as it seeks to curb current…

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NEW DELHI, Sept 26 – India on Wednesday raised import tariffs on 18 items and introduced a new tax on jet fuel as it seeks to narrow its current account deficit, which has weighed on the rupee, Asia’s worst performing currency this year. The duties are effective from Thursday. The imports concerned were valued at about 860 billion rupees ($11.84 billion) in the last financial year that ended on March 31. Here is a list of the new tariffs. Item Earlier duty New duty Air conditioners 10 20 Household 10 20 Refrigerators Washing machines 10 20 less than 10 Kg Compressor for air 7.5 10 conditioners and refrigerators Audio speakers 10 15 Footwear 20 25 Radial Car tyres 10 15 Cut and polished 5 7.5 diamonds Diamonds-semi 5 7.5 processed, half cut or broken Lab-grown diamonds 5 7.5 Cut and polished 5 7.5 coloured gemstones Articles of 15 20 jewellery and parts thereof that are made of precious metal or of metal clad with precious metal Articles of 15 20 goldsmith or silversmith wares and parts thereof that are made of precious metal or of metal clad with precious metal Bath, shower bath, 10 15 sink, wash basin, etc. made of plastics Plastic items used 10 15 for conveyance and packing such as boxes, case, containers, bottles, insulated wares etc. Tableware, 10 15 kitchenware and other household items made of plastics Miscellaneous items 10 15 of plastics such as office stationery, fittings for furniture, decorative sheets, statuettes, beads, bangles etc. Trunks, suitcases, 10 15 executive cases, brief cases, travel bags, and other bags etc. Jet fuel 0 5 ($1 = 72.6050 Indian rupees) (Reporting by Krishna N. Das Editing by Martin Howell)

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