The Indian government has levied a duty of 25% on the import of stainless steel coin blanks,
Mr V.K. Duggal, Secretary to the Ministry of Steel, said at a meeting of the Indian Stainless Steel Development Association (ISSDA) in New Delhi. The duty on cupro nickel, a high end stainless steel (25% copper and 75% nickel compound) used exclusively for minting two rupees and five rupees coins, has also been raised from nil to 30%. Government is also planning to apply this new norm to the two global tenders that had been placed for import of coin blanks. According to Mr. N. C. Mathur, President, ISSDA, volume of business in the coin blank production for the stainless steel industry is expected to be about Rs 200 crore and in terms of quantum about 20000-22000 tonne of stainless steel would flow into the manufacturing of coin blanks.
