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TARIFF
A tariff is a tax on importing a good or service into a country , usually collected by customs officials at the place of entry. Two typesspecific tariff ad valorem tariff
Transit Tariff
Export Tariff are the taxes that are levied on goods when they leave the country. Import Tariff are the taxes on the goods which are imported. Transit Tariff are the taxes which are imposed on the goods as they pass through one country bound for another.
NON-TARIFF
Any government regulation, policy, or procedure other than a tariff that has a effect of restricting international trade or effecting overseas investment becomes a non tariff barrier.
Non Tariff
Quotas
Subsidies
Embargo
Currency Controls
Quotas
Quotas refers to numerical limits on the quantity of goods that may imported or exported by the country.
Types of Quotas
Voluntary Quotas
Tariff Quotas
It combines the feature of tariff as well as quota. Under a tariff quota imports of a commodity up to a specified volume are allowed duty free or at a special low rate but any imports in excess of this limits are subject to duty or a higher rate of duty.
MIXING QUOTAS
Under this quota the producers are obliged to utilize the domestic raw-materials up to a certain proportion in the production of the finished goods.
VOLUNTARY QUOTAS
o A voluntary quota is a formal agreement between nations or between a nation and an industry. This agreement usually specifies the supply of product and volume.
SUBSIDIES
A Subsidy is a government payment to a domestic producer. Subsidies take several forms such as , cash grants , low-interests rates, tax breaks, and government equity participation in local firms. By lowering the costs, subsidies help domestic producers in two ways:- they help them compete low-cost foreign imports and gain access to export markets.
EMBARGO
It refers to a complete ban on trade (import or export) in one or more products with a particular country. It may be placed on one or more goods or completely ban trade in all goods. It is the most restrictive non-tariff trade barrier.(it can also be termed as absolute quota)
CURRENCY CONTROLS
Currency control refers to restrictions on the convertibility of currency into other currencies.
Infant industries
National security retaliation
Volume of trade for small nation declines, but terms of trade do not change, so welfare always falls.
TARIFF IN INDIA
Since the early 1980s, the economy of India has been expanding at an average rate of about 6% per year in real terms. The two strategic reforms introduced in Indian Government: Business oriented phase; Market oriented phase. Focusing on market-oriented phase embodied by New Industrial policy,1991. Trade liberalization included: Dismantling of import licensing system on all intermediate goods and capital goods; Lowering of tariffs Devaluation of Indias national currency
Thanking you
SUBMITTED BY ATUL KIRAN HARISH THAPA SEEMA SINGH SHIVANI SINGH KIRTIKA GOEL