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India’s gold imports recover in March, jump 582% on wedding season

MUMBAI: Gold imports by India are said to have jumped almost seven-fold in March from a year earlier as jewelers stocked up anticipating a demand recovery during the wedding season that began this month and the auspicious Hindu gold-buying day of Akshaya Tritiya. Shipments advanced 582.5 percent to 120.8 metric tons last month from a year earlier, according to a ... Read More »

Indian Customs approves clearance facility against ATA at Jaipur port

NEW DELHI: The Central Board of Excise and Customs (International Customs Division), Department of Revenue, Ministry of Finance, Government of India, has decided to extend the facility of allowing Customs clearance of goods against ATA Carnet at Jaipur port. At present, the facility of Customs clearance of goods against ATA Carnet is provided at Mumbai, Chennai, Cochin, Kolkata ports, New ... Read More »

Bangladesh, India industrial bodies draw 6 points agenda to boost trade

NEW DELHI: Leading industry bodies of India and Bangladesh, the FICCI and the FBCCI, on Saturday brought out a six-point agenda to boost trade and investment between both the neighboring nations. This included setting up a Joint Task Force on Tariff and Non-Tariff Barriers and another Joint Task Force to promote Indian investments in Bangladesh in the focus areas of ... Read More »

India’s oil imports from Iran up 500,000bpd in 2016/17

NEW DELHI: India’s Iran oil imports jumped to a record high in 2016/17 topping half-a-million barrels per day (bpd) as refiners boosted purchases after lifting of some Western sanctions against Tehran last year. India, Iran’s biggest oil buyer after China, was among a handful of countries that continued to deal with Tehran despite Western sanctions over its nuclear programme. Refiners ... Read More »

India-UK trade ties deepen with £240 million energy investment

NEW DELHI: A joint investment of £240 million has been unveiled by the UK and Indian governments to encourage investment into India’s rapidly growing energy and renewable market and deepen trading ties between the two countries. UK chancellor Philip Hammond visited Delhi and Mumbai on Tuesday as part of the 9th UK-India Economic and Financial Dialogue (EFD), hosted by Indian ... Read More »

Indian govt. tops tax target in FY17 on service, customs

NEW DELHI: The Indian government said it has overshot its tax collection target during the last financial year, mopping up Rs1.71 lakh crore, against the revised estimate of Rs16.98 lakh crore. The Rs13,000 crore cushion comes along with a Rs700 crore buffer from disinvestment receipts, which too went past the revised budget estimate. But unlike disinvestment, where the collections were ... Read More »

Indian BSF seizes fake currency notes worth Rs0.4m

BENGAL: The Indian Border Security Force (BSF) seized 200 fake currency notes of Rs 2,000 denomination in two separate cases near the Indo-Bangladesh International Border (IB) in West Bengal. In the first case, a BSF patrol seized fake notes with face value of Rs 0.3 million near the IB fence gate in the Churiantpur area of Malda yesterday.  The seizure ... Read More »

Malaysia, India sign deals worth a historic RM157 billion

NEW DELHI: Major Indian and Malaysian companies in the oil and gas, infrastructure and engineering sectors signed investment proposals worth $36 billion, reported the international media. Indian Minister of Commerce Nirmala Sitharaman and Prime Minister of Malaysia Najib Razak witnessed the signing of the investment proposals. The companies such as Adani Ports, Andhra Pradesh Gas Distribution Corporation and Natco Pharma ... Read More »

India’s exports may cross $300 bln in FY17

NEW DELHI: India’s merchandise export is expected to cross $300 billion during the current fiscal, said a top official of Federation of India Export Organisations (FIEO). FIEO expects India’s shipments for fiscal 2016-17 to close at $272 billion against $262 billion in the previous year – a growth of 3-4%. This fiscal, the exporters’ body expects manufacturing shipments to be ... Read More »

India’s exports may touch USD 270 bln this fiscal

NEW DELHI: With the country’s exports recording healthy growth during the past few months, the shipments are expected to touch USD 270 billion by end of this fiscal, FIEO today said. The Federation of Indian Export Organisations (FIEO) said that during this challenging period, India witnessed double digit growth in exports in February after a long time. “Going by the ... Read More »

US exports to India encounter barriers: Trump administration

MUMBAI: US exports to India continue to face barriers as its customs officials generally require extensive documentation, leading to frequent and lengthy processing delays, the Trump administration said today. Despite the Indian government’s efforts to pursue economic reforms, the structure of India’s customs tariff and fees system are “complex and characterised by a lack of transparency” in determining net effective ... Read More »

Natural rubber Feb output grows 54%, imports slump 51%

NEW DELHI: The production of natural rubber rose by 54 per cent last month to 57,000 tonnes while imports fell by 51 per cent to 15,609 tonnes, according to latest data released by the Rubber Board. Natural rubber production and imports stood at 37,000 tonnes and 31,864 tonnes, respectively, in February 2016.  The consumption declined marginally to 83,000 tonnes last ... Read More »

Indian Customs nabs drug smuggler, seizes metha worth Rs14.7m

MUMBAI: A South African woman bound for Addis Ababa was arrested at the Chhatrapati Shivaji International Airport on Sunday with 4.9 kilogram methaqualone, a prohibited psychotropic substance, worth Rs14.7 million. Customs officials handed Vanessa De Kock over to the Narcotic Control Bureau (NCB), which had tipped them off about her. Vanessa, who is allegedly part of a drugs syndicate, came ... Read More »

Indian CBEC to be renamed CBIC under GST scheme

NEW DELHI: The apex policy making body for indirect taxes, CBEC is being rechristened as the Central Board of Indirect Taxes & Customs (CBIC) in the run up to the Goods and Services Tax regime to be rolled out from July 1. “The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes ... Read More »

India-Singapore double tax changes in force

NEW DELHI: The Indian government notified the amended India-Singapore tax treaty under which capital gains tax will be levied at source of investments with effect from April 1. India had amended the tax treaty with Singapore on December 30, 2016, under which for two years beginning April 1, 2017, capital gains tax will be imposed at 50 percent of the ... Read More »

Indian police nabs four involved in human skeleton smuggling

KOLKATA: Indian police arrested four suspected corpse smugglers and recovered 18 intact skeletons and other bones believed exhumed from cemeteries in a notorious grave-robbing district, a police official said. Police seized the “neatly washed and cleaned” human remains from a village in West Bengal state’s Burdwan district on Sunday that led to the arrest of four men allegedly part of ... Read More »

Indian rubber imports surge 50%

NEW DELHI: As there is a dip in domestic production and boost in demand the Indian tyre manufacturers are vigorously eyeing on the supply of natural rubber from South-East Asian manufacturers. The supply gap in natural rubber is likely to increase because of declining production in Kerala, as there is no chance left to expand the rubber plantation area there, ... Read More »

CBI registers 4 FIRs to probe Customs gold theft case

NEW DELHI: CBI registered four separate cases over alleged theft of nearly 30 kilogram of gold seized by the Customs Department, from the department’s vaults at the airport. The allegedly smuggled gold was confiscated by the Customs from various passengers during the last three decades. The FIRs said that a Stock Taking Committee was constituted to analyze valuable items held ... Read More »

India’s import of medical devices increased by 16.8 %, export by 25.7 % during 2012-16

NEW DELHI: Between FY12 to FY16, the import of medical devices into India increased by 16.8 percent, whereas export increased by 25.7 percent, as per the key findings of a government led study in collaboration with Andhra Pradesh MedTech Zone (AMTZ) and World Health Organisation (WHO). India is one of the top 20 global medical device markets and the 4th ... Read More »

Indian Airport Intelligence Unit seizes non-duty paid cigarettes worth Rs3.86m

TAMIL NADU: Officers of the Airport Intelligence Unit seized 2,340 cartons of foreign cigarettes worth Rs3.86 million from seven passengers at Coimbatore international airport. The passengers, hailing from Chennai, Madurai and Kerala, arrived from Singapore by Silk Air. According to Customs officials, persons smuggle cigarette by evading the import duty eyeing the high profit margin. “As import duty for cigarettes ... Read More »