Imports, customs revenue down post-QR removal

New Delhi, May 16: CONTRARY to industry’s fears of a surge in imports due to lifting of Quantitative Restrictions (QRs), preliminary estimates indicate a drop in imports in the last two months that could impact on the customs revenue collections.

‘‘Contrary to the industry’s fears of an import surge due to the lifting of QRs, the situation has been surprisingly the reverse during the first two months , where imports have dipped marginally,’’ commerce ministry sources said.

‘‘The uncertainty prevailing among the importing community about the future policy of the government could be one of the main reasons for the slump’’, sources said.Clarifying the government’s recent move to restrict entry of 300 sensitive items excluding edible oils to 11 entry points in the country, he said the whole exercise was only to improve and streamline data collection. (PTI)