The government is planning to issue a Steel and Steel Products (Quality Control) Order 2015 to ban production, sale or distribution of any steel product that does not meet Bureau of Indian Standards (BIS) approval. The move is part of the efforts being made to rein in rising imports and protect domestic industry for which government has already issued safeguard duty on certain steel items and antidumping duty on stainless steel products. The order does not pertain to exports of steel by domestic producers. The proposed order will come into effect three months from the time of its official notification. The draft order has been published on the steel ministry's website and covers a wide range of steel products. The market reacted to it with steel stocks like Tata Steel closed at Rs 256.55 (up 4.76%) Steel Authority of India Limited (SAIL) touched Rs 48.10 up 6.53%, while JSW Steel gained 3.55% to go up to Rs 1044.50 on the BSE on Thursday. The steel products under mandatory BIS specification include mild steel and medium tensile bars and hard drawn steel wire for concrete reinforcement, cold reduced carbon steel sheet and strip, billets, blooms, slabs and bars for forgings, cold rolled (CR) steel strips, hot rolled (HR) steel flat products HR steel plates and strips for liquefiable gas cylinders, HR bars for production of bright bars and machined parts for engineering applications, HR steel strip for welded pies and tubes, HR Steel strips for cold rolling purposes. Most industry watchers and analysts feel this measure will be stronger and more effective in curbing imports that the earlier moves by the government since most overseas steel producers do not meet BIS norms. The substandard or defective steel products tat do not conform to the order will have to be disposed off as scrap as per the scheme of testing and inspection of the BIS. As per the order, all manufacturers of steel and steel products will have to apply to BIS for getting a license and for use of Standard mark of BIS. To secure compliance, it says the appropriate authority may inspect books or other documents and other steel product belonging to the manufacturer / trader of steel and also enter and search premises and seize any steel products belived to be not of the specified standard.
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