No proposal to FinMin on export duty roll back

Amid indications of a roll back of export duty on steel, Finance Minister P Chidambaram said on Thursday his ministry has not received any proposal from the steel ministry on the issue.

"I have not received any proposal from the ministry of steel," finance minister told reporters here, when asked whether government was considering roll back of export duty on steel.

The export duty was imposed on the recommendations of ministry of steel. "If there is a rethinking, I suppose the ministry of steel will send me a proposal," he said.

Earlier this week, Steel Secretary Raghav Sharan Pandey had said the producers' demand for a withdrawal of export duty was under consideration for the government and a decision was expected soon.

During their meeting with Prime Minister Manmohan Singh last week, steel producers had agreed to lower prices between Rs 2,000 and Rs 4,000 a tonne.

Sharp rise of 50 per cent in steel prices over a year, pushing the inflation to 42-month high of 7.6 per cent, has remained a major concern for the government.

To cool down the steel prices in the domestic prices, the government had imposed an export duty of up to 15 per cent last month.