India has in imposed definitive anti-dumping duty of 342.76
dollars per tonne on all phenol imports on from South Africa, which will be
valid for a period of five years. It is a trade duty imposed by any government
on imported products which have prices less than their normal values in their
domestic market. Usually countries initiate anti-dumping probes to check if
domestic industry has been hurt because of a surge in below-cost imports. The
duty was imposed by means of Union Finance Ministry based on the
recommendations of the Directorate General of Anti-Dumping Duty (DGAD) under
the aegis of Union Commerce Ministry. This decision was taken by DGAD on the
petition filed by Hindustan Organic Chemicals Limited and S I Group Limited
seeking continuation of anti-dumping duty on Phenol imports from South Africa.
Phenol is a basic organic chemical characterized by a hydroxyl (−OH) group
attached to a carbon atom. Its specific name for its simplest member is
monohydroxybenzene (C6H5OH) is also known as benzenol or carbolic acid. It is extensively
used in particle boards, pharmaceuticals, plywoods, laminates and phenyl
formaldehyde resins etc.
Anti-Dumping Duty is imposed under the multilateral WTO
regime and varies from product to product and from country to country. In
India, anti-dumping duty is recommended through the Union Ministry of Commerce ,
while the Union Finance Ministry imposes it.
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