The government on Thursday prohibited imports of cigarette lighters if the price per unit is less than Rs 20, with a view to discourage inbound shipments of the product. "The import policy of cigarette lighters...is revised from 'free' to 'prohibited'. However, import shall be free if CIF value is Rs 20 or above per lighter," the directorate general of foreign trade (DGFT) said in a notification.CIF value (cost, insurance, and freight) is a trade term used in international commerce to determine the total value of goods being imported.The prohibition has been imposed on pocket lighters, gas fuelled, non-refillable or refillable.Imports of pocket lighters, gas fuelled, non-refillable stood at USD 0.66 million in 2022-23. It was USD 0.13 million in April this fiscal.Similarly, the inbound shipments of pocket lighters, gas fuelled, and refillable, stood at USD 8.87 million in 2022-23 against USD 7 million in 2021-22. It was USD 0.96 million in April of this fiscal.These are imported mainly from Spain, Turkey and the UAE.Read more at:https://economictimes.indiatimes.com//news/economy/foreign-trade/government-prohibits-import-of-cigarette-lighters-under-rs-20/articleshow/101371386.cms (ICE MUMBAI)

Fonte notizia: The Economic Times