MM TAX CLUB

In response to recent media reports claiming that banks have been directed to shut down inactive Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, the Department of Financial Services (DFS), Ministry of Finance, has clarified that no such instructions have been issued.

In fact, rather than closing these accounts, the government is doing the opposite—actively working to strengthen and expand access to these financial inclusion schemes.

What’s Actually Happening?

Starting July 1, the DFS has launched a 3-month nationwide campaign to:

• Encourage the use of PM Jan Dhan Yojana accounts

• Promote enrolment in key welfare schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY)

• Ensure re-KYC (Know Your Customer) for accounts where it's due
  This campaign aims to bring more people under the safety net of financial services and ensure that existing account holders remain connected with the banking system.
   

  What About Inactive Accounts?

  The DFS regularly monitors the number of inoperative PMJDY accounts and has advised banks to reach out to account holders, helping them make their accounts active again. There has been no direction to close these accounts, and no mass closures have been reported.

  On the contrary, the number of PMJDY accounts in the country has consistently increased—a strong indicator of people’s growing trust in the system.
   

  Final Word

  So, if you’ve heard rumors about Jan Dhan accounts being closed—don’t worry. The government’s focus is on financial inclusion, not exclusion. This campaign is about making sure no one is left behind, especially when it comes to access to banking and social security.
  Stay informed. Stay connected.
  If you or someone you know has a Jan Dhan account, now is a great time to check in with your bank and make sure everything is up to date!

The Government of India has officially extended the Countervailing Duty (CVD) on Continuous Cast Copper Wire Rods imported from Indonesia, Malaysia, Thailand, and Vietnam. This action follows a detailed investigation by the Directorate General of Trade Remedies (DGTR), which concluded that withdrawing the duty could hurt India’s domestic industry due to continued subsidization by exporting countries. 

What Are the Goods Covered?

• Product: Continuous Cast Copper Wire Rods (including copper wires above and below 6mm, but only in coil form)

• Customs Tariff Heading: 7408

• Countries Impacted:

• Indonesia

• Malaysia

• Thailand

• Vietnam

• What’s the Final Decision?
   

  This move aims to:

• Protect Indian manufacturers from unfair pricing

• Neutralize the effect of foreign government subsidies on copper products

• Maintain fair trade in the Indian market
   

  Key Duty Rates (Based on Producers and Countries):

  S. No	Country	Producer	Duty as % of Landed Value
  1	Indonesia	PT Karya Sumiden Indonesia	4.98%
  2	Indonesia	PT Tembaga Mulia Semanan Tbk	3.75%
  3	Indonesia	Others	7.94%
  5	Malaysia	Metrod Malaysia Sdn Bhd	Nil
  6	Malaysia	Others	10.27%
  8	Thailand	SEI Thai Electric Conductor Co., Ltd.	Nil
  9	Thailand	Others	3.46%
  11	Vietnam	Any	7.13% Additional duties apply when these goods are exported indirectly via third countries.) Important Notes: Landed Value: Includes customs assessable value plus all other duties except for those under Sections 3, 3A, 8B, 9, and 9A. Exchange Rate: Based on the rate notified under Section 14 of the Customs Act on the date the Bill of Entry is presented.   ???? Need Help with Import Compliance or Custom Duty Planning? At MM Tax Club, we assist businesses in navigating complex customs duty matters, including anti-dumping and countervailing duties. ???? What This Means for Importers and Traders: You’ll need to factor in this duty while planning your imports and costing structures. Keep an eye on customs notifications for any changes in exchange rates or future amendments.