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Jan 27, 2015
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Directorate General of Foreign Trade wants to treat leftover fuel as part of the ship
To encourage the ship-breaking industry, the Directorate General of Foreign Trade is mulling to relax the penalty on bunker extracted out of the vessels coming for scrapping. The DGFT is considering the proposal moved by the shipping ministry to treat the leftover fuel as part of the ship and not a separate item.
Recyclers on the yards have to pay a duty as well as penalty on the remnant fuel because the ship bringing it is technically "unauthorised to bring oil" into the country.
Source -
http://economictimes.indiatimes.com
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