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Indian coal imports declines by 21.7% in January 2017

NEW DEHLI: Indian coal imports declined by 21.7% to 14.31 million tons in January as the power utilities did not lift much fuel due to abundant stock available with them. According to details, coal import (all type of coals) in January 2017 stood at 14.31 million tonnes (MT) (provisional) against 18.28 MT in January 2016, mjunction services, an online procurement ... Read More »

Indian Customs arrests gold smuggler at Indira Gandhi International Airport

NEW DEHLI: Indian Customs arrested a man and seized gold medallions worth around Rs2.2 million from him at the Indira Gandhi International Airport (IGIA). The passenger, a resident of Srinagar, was intercepted after his arrival from Abu Dhabi. A detailed personal search of the passenger resulted in the recovery of one hundred medallions weighing 800 grams, the Customs said in ... Read More »

India struggles to close trade gap with China

MUMBAI: The Indian government has made bridging its trade deficit with China a top priority, but has made little progress as it struggles to reverse a trend of declining exports to China, which, Chinese experts say, is no small task given the competitive, rather than complimentary, nature of the bilateral trade. In 2016, India’s trade deficit with China reached $46.56 ... Read More »

2 arrested for smuggling in 2 kg of gold jewellery

AHMEDABAD: The Ahmedabad zonal unit of the directorate of revenue intelligence (DRI) on Tuesday night nabbed two men for allegedly smuggling 2.1kg of Italian-made gold jewellery into the country from Dubai. DRI arrested Thonse Zakariya Jamal and Parvez for smuggling in jewellery worth around Rs 70 lakh at present market rates. Parvez smuggled the jewellery aboard the Dubai-Mumbai Air India ... Read More »

Birgunj man held with 5 kg ‘smuggled silver ornaments’

MUMBAI: Police in Birgunj claimed they arrested a motorcycle-borne suspect with five kg smuggled silver from Inarwa of Birgunj in Parsa district on Wednesday. The current market value of the haul is worth around Rs 396,000. Police identified the suspect as Babu Lal Sah of Chhapkaiya, Birgunj Sub-Metropolitan City-3. He was made public at the District Police Office today. Acting ... Read More »

Man caught trying to smuggle gold bars in rectum

MUMBAI: A man who was trying to smuggle 20 gold bars weighing a total of 2kg into the Indian city of Hyderabad hid more than half of them in his rectum. But his ruse failed when hawk- eyed airport officers intercepted him when he landed at the Rajiv Gandhi International Airport in Shamshabad on Sunday. The 36-year-old man, said to ... Read More »

Customs seize Rs2.5m worth of gold

MUMBAI: A novel way of smuggling gold was discovered, when Customs officers at the Bandaranaike International Airport seized sheets of gold worth at Rs.2.5 million from a local man bound for Thiruchirappalli (Trichy) in India, today, making it the first detection of its kind. The Customs officials stationed at the BIA Departure Terminal, on suspicion, searched a man who was ... Read More »

Corporation Bank business registers growth of 5.35% in Q3

MANGALURU: Corporation Bank managing director and CEO Jai Kumar Garg announced here on Friday the performance highlights for the quarter/ 9 months ended December 31, 2016. In Q3 that ended on December 31, 2016, the deposits of the Bank has increased to Rs 2,23,384.02 crore from Rs 1,97,738.33 crore as on December 31, 2015, exhibiting a growth of 12.97%. Meanwhile, ... Read More »

India’s agriculture exports plunge 6%

NEW DELHI: India’s agriculture exports declined by almost 6 per cent from $10.81 billion during April to November 2015-16 to $ 10.20 billion for the same period this fiscal, according to the Agricultural and Processed Food Products Export Development Authority data. Experts cited demonetisation, along with high Indian export prices and government’s removal of export incentives, as some of the ... Read More »

Gold smuggling case: Customs imposes fine of Rs 900m on 54 accused

KOCHI: Customs officials imposed a fine of Rs 90 crore on 54 persons who are accused in notorious gold smuggling through Cochin International Airport from Dubai. There were 56 accused in the case and later two were dropped from the proceedings since there were no evidence against them. The order, issued by customs commissioner K N Raghavan on Friday night, ... Read More »

India, Austria sign protocol amending ‘India-Austria Double Taxation

MUMBAI: The Central Board of Direct Taxation (CBDT) on Tuesday announced that India and Austria signed a protocol amending the existing convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income today at New Delhi. The protocol was signed by the chairman CBDT, Sushil Chandra on behalf of ... Read More »

India initiates anti-dumping investigation on PSF imports

MUMBAI: The Directorate General of Anti-dumping and Allied Duties (DGAD), under the commerce ministry, Government of India, has initiated anti-dumping investigation concerning imports of polyester staple fibre (PSF) from China, Indonesia, Malaysia and Thailand. The period of investigation shall be 18 months from April 1, 2015 to September 30, 2016. The investigation has been initiated following an application filed by ... Read More »

Cigarettes worth Rs10m seized at Mundra Port

AHMEDABAD: A DRI team on Friday seized Indonesian cigarettes worth Rs1 crore from a container coming from Dubai at Mundra Port. The agency seized a container comprising baby footwear behind which the cigarettes were concealed. Read More »

DRI seizes smuggled memory cards worth Rs6.6m

MUMBAI: Following the recovery of memory cards worth Rs 66 lakh from the Andheri Air Cargo, officers of the Directorate of Revenue Intelligence (DRI) arrested a man in connection with its smuggling. Investigations have revealed that accused Sarfaraz Haji alias Turk, who is a very important part of the illegal import-export racket, is the member of a highly professional gang. ... Read More »

India to spend $59b to upgrade infrastructure

MUMBAI: India announced record spending of Rs3.96 trillion ($59 billion) to build and modernise its railways, airports and roads as Prime Minister Narendra Modi aims to upgrade the strained infrastructure in Asia’s third-largest economy. The government will build airports now a near monopoly of the state in smaller cities in partnership with private companies, Finance Minister Arun Jaitley said while ... Read More »

Customs seizes 1.8kg narcotics

NEW DELHI: Customs department at the Foreign Post Office in Delhi seized 1,810 grams of narcotics, concealed in 20 separate DVD writers bound for Australia. Officials suspect the drugs to be party drugs with valuation worth crores in the international market. The seizure was made after weeks of scanning parcels bound for foreign countries after a tip-off was received by ... Read More »

Customs seizes 1.8kg narcotics

NEW DELHI: Customs department at the Foreign Post Office in Delhi seized 1,810 grams of narcotics, concealed in 20 separate DVD writers bound for Australia. Officials suspect the drugs to be party drugs with valuation worth crores in the international market. The seizure was made after weeks of scanning parcels bound for foreign countries after a tip-off was received by ... Read More »

Customs, excise officials protest against GST

MUMBAI: Two days before presentation of the Union Budget in the Parliament, officials of the Customs, Central Excise and Service Tax Departments today protested against the Goods and Service Tax alleging that decisions taken by the GST council were discriminatory. Officials under the Central Board of Excise and Customs (CBEC) at Attari Integrated Check Post (ICP) and the Customs and ... Read More »

Two women held for smuggling gold worth Rs2.7m

NEW DELHI: Two women were today arrested for allegedly smuggling gold worth Rs 27 lakh at Indira Gandhi International Airport (IGIA) here. They were intercepted on their arrival from Bangkok by customs officials. “On baggage search, pieces of gold wire coated in white colour, weighing 1.09 kg and worth Rs 27.30 lakh were recovered from them,” a press release issued ... Read More »

India’s investors brace for taxation hike

MUMBAI: Investors in India are bracing for higher taxes and fewer incentives from the government’s annual budget on Feb 1 as the focus shifts to wringing out revenues to finance giveaways and higher public investment. While Prime Minister Narendra Modi’s administration is widely seen as being friendly to businesses and investors, it not expected to announce any dramatic moves at ... Read More »