Sri Lanka has taken steps to combat smuggling by reducing the import duty on beedi wrapping paper. The duty has been lowered from 5,000 rupees per kilogram to 250 rupees per kilogram. The high domestic taxation on cigarettes has led to an increase in demand for beedi, resulting in a significant amount of beedi paper being smuggled into the country. This move aims to address the issue and discourage smuggling. [dfafaf02]
In other news, Sri Lanka's state-run Ceylon Petroleum Corporation is considering selling fuel below the formula price to compete with suppliers like Sinopec. The government is in discussions with the International Monetary Fund and the Finance Ministry to gain the freedom to reduce fuel prices. This move comes after the recent increase in fuel prices due to global price hikes. [dfafaf02]
Meanwhile, in Argentina, a right-wing candidate has proposed a dollarization plan to stabilize the country's currency. However, there is opposition to this plan, despite Argentina's history of severe monetary instability. The candidate suggests official dollarization as a means to prevent further collapses of the peso. [dfafaf02]
Additionally, Sri Lanka's tea export revenues saw a growth of 1.8% in September 2023. This growth can be attributed to an increase in volume and a decrease in the average price of tea exports. The country's tea industry continues to thrive despite challenges in the global market. [dfafaf02]
Imports of paper and paperboard in India have increased by 43% in the first half of FY24, following a 25% jump in the previous fiscal year. The surge in imports is mainly due to a 257% growth in imports from the ASEAN region, which benefits from zero import duty under a free trade agreement. While imports of all grades of paper have risen sharply, uncoated writing and printing paper imports have increased by 267% in volume terms. The value of paper and paperboard imports has also risen by 10% in H1 FY24. The Indian Paper Manufacturers Association (IPMA) has called for the government to review existing free trade agreements and impose suitable safeguards and anti-dumping duties on imports. The industry is facing challenges in producing paper and paperboard at competitive prices due to increased raw material and input costs. [60cae1e3]