India slashes customs duties on 4800 items from SAARC

India has scrapped import duty on more than 4,800 items from four neighbouring countries and reduced customs tariff on these products from Pakistan and Sri Lanka as part of efforts to boost trade in South Asia.

"The import duty has been reduced from 16-40 per cent to zero level on items like meat, fish, milk, dairy products, and dry fruits from the neighbouring least developing countries (LDCs) - Bangladesh, Nepal, Bhutan and Maldives," a Finance Ministry official said.

However, the duty rates on these items have been reduced to 12-20 per cent on goods imported from Pakistan and Sri Lanka. The new rates come into effect from January 1.

All pharmaceutical products and drugs can now be imported at 10 per cent duty from LDCs, as against 12.5 per cent duty earlier. However, tariff on drugs has not been cut in case of Pakistan and Sri Lanka, a Finance Ministry notification said.

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