20% ad valorem to make iron ore dearer.

Press Trust of IndiaNEW DELHI, 28 FEB: Aimed at discouraging iron ore exports, finance minister Mr Pranab Mukherjee today proposed to levy 20 per cent ad valorem duty on all types of outbound shipment of the key steel making raw material. Iron ore attracts an export duty of 15 per cent in the case of lumps and 5 per cent in the case of fines. This is a natural resource which needs to be conserved. I propose to enhance the rate of export duty for all types of iron ore and unify it at 20 per cent ad valorem, Mr Mukherjee said in his Budget 2011-12 speech. Mr Mukherjee, however, has also withdrawn …