Wednesday , March 29 2017
Breaking News


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

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

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

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%

Tyre-rubber imports

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

CBI India

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

medical devices

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 »

India imports petrol, diesel from China


NEW DELHI: India, perhaps for the first time, imported petrol and diesel from China as the world’s third largest oil consumer looks at diversifying its sources of fuel. India imported 18,000 tons of petrol and 39,000 tons of diesel in the first nine months of the current fiscal, Oil Minister Dharmendra Pradhan said. “Although overall production of petrol and diesel ... Read More »

Indian wool exports likely to miss target for 2016-17

Indian wool exports likely to miss target for 2016-17

NEW DELHI: Wool and wool-blended exports from India is likely to miss target of $610 million fixed for 2016-17 due to slowdown in demand in global markets and moderation in commodity prices. The exports of wool and wool-blended products was to the tune of $328.10 million (Rs 2,204.13 crore) between April 2016 and January 17 (2016-17), down 18% in dollar ... Read More »

Customs thwarts gold smuggler, recovers 1.5kg gold worth Rs4.1m


TAMIL NADU: A 51-year-old man from Kerala was held with nearly one-and-a-half kilogram of gold plates at Coimbatore airport. Sleuths attached to the directorate of revenue intelligence (DRI) said P R Divakaran, of Changanacherry near Kottayam in Kerala, tried to smuggle the gold plates worth around Rs4.1 million in the open market concealed in a woofer box. This was second ... Read More »

India gold recycling plan fails to tempt households


MUMBAI: India’s ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal. After 16 months, temples and households have turned over just seven tonnes of gold out of the 24,000 tonnes ... Read More »

Indian inflation slightly high in February


NEW DELHI: Indian inflation likely picked up for the first time in seven months in February as rising food prices began to bite, but it remained below the central bank’s medium-term target. Prime Minister Narendra Modi’s ban on high-value bank notes in November hurt demand in the largely cash-driven economy and consumer price inflation has since been below the Reserve ... Read More »

Air India expects 10% rise in revenue in 2017

air india

NEW DELHI: Air India’s revenue is expected to grow to Rs225.21 million in current financial year, a rise of around 10% as against last fiscal’s, on account of higher passenger earnings and increased capacity. “The national carrier is expecting total revenue of Rs225.21 million as compared to Rs205.26 million in FY 2015-16, an increase of around 9.7% over the previous ... Read More »

Indian BSF nabs smuggler possessing heroin-like powder


NEW DELHI: The Indian Border Security Force (BSF) personnel arrested one person with 200 grams of heroin-like powder from West Bengal’s Murshidabad district, a BSF official said. Acting on a tip-off on narcotics smuggling, the BSF intensified checking at the India-Bangladesh border near Murshidabad district’s Lalwangola outpost, and detained an elderly person with irrigation pipes. “Kalam Seikh (65), a resident ... Read More »

Indian AIU nabs a gold smuggler at Mumbai Airport


MUMBAI: The Air Intelligence Unit (AIU) officers, (on March 6), intercepted a man who tried to smuggle 12 gold bars, at Mumbai Airport. Reportedly, the passenger tied the gold bars to his heels with the help of adhesive and two socks. A case has been registered against the alleged smuggler, Thiruppathy Palaniyandy. Palaniyandy, an architectural supervisor by profession, had acquired ... Read More »

India’s vegetable oil imports seen flat or lower for the first time in six years


NEW DELHI: India, the world’s biggest edible oil importer, is expected to purchase about 14 to 14.5 million tons of vegetable oil this year, compared with 14.5 million tons in 2015/16. India’s booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as ... Read More »

Indian Customs seizes gold from a passenger at Hyderabad

Guyana Goldfields PT

HYDERABAD: Indian Customs officials at the Rajiv Gandhi International Airport foiled a gold smuggling bid by a passenger from Dubai. The officials seized 379 grams gold concealed in the form of six gold buttons. Based on initial intelligence, the officers of the Air Intelligence Unit seized six gold buttons weighing 379 grams kept in a gas (cylinder) regulator in the ... Read More »

Indian Tripura stops Bangladesh fish imports after formalin found


DHAKA: Indian state Tripura’s government stopped fish import from Bangladesh after traces of formalin were found in the samples collected from different markets of Agartala. “The preservative, formalin or formaldehyde, mixed with water and used for preservation of biological specimens, was found in six samples drawn from fish imported from Bangladesh,” said Tripura’s Health and Revenue Minister Badal Choudhury. “The ... Read More »

Indian GDP growth expect to grow 6.9% in current FY

gdp rise

NEW DELHI: India is expected to clock a GDP growth of 6.9 percent this fiscal, which is likely to recover to 7.2 per cent in 2017-18, says a Bank of America Merrill Lynch (BofAML) report. The government on February 28 pegged GDP growth at a higher-than-expected 7.1 per cent for the current fiscal. The Central Statistics Office (CSO) put the ... Read More »