Ban on Iron Ore Export
The Union Minister of Steel Shri Beni Prasad Verma has said that there is presently no ban on export of iron ore. Ministry of Steel is of the view that iron ore, being a non-renewable natural resource, should be conserved for long term value addition by domestic steel industry.
In a written reply in the Rajya Sabha today, he said that the Government has decided that conservation of iron ore resources of the country should be achieved not by banning or capping the export of iron ore but by taking recourse to appropriate fiscal measures. Ministry of Steel has been taking up this matter regularly with Department of Revenue for levying an appropriate export duty on iron ore to discourage its export. With a view to conserve iron ore, the Government of India has increased the ad valorem export duty on iron ore from 5% on fines and 15% on lumps to 20% ad valorem on all grades and varieties of iron ore (excluding pellets) with effect from 1st March, 2011, the Minister added.
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