NEW DELHI: To encourage the ship-breaking industry,
the Directorate General of Foreign Trade is mulling to relax the penalty on
bunker extracted out of the vessels coming for scrapping. The DGFT is
considering the proposal moved by the shipping ministry to treat the leftover
fuel as part of the ship and not a separate item.
Recyclers on the yards have to pay a duty as well as
penalty on the remnant fuel because the ship bringing it is technically
"unauthorised to bring oil" into the country. Such ships embarking
upon their last voyage have been asked to fill their tanks only up to the
journey's requirement level. But, most vessels end up reaching filled with
fuel.
Source: economic times. 27 January 2015
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