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Tuesday , December 12 2017
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India

IGIA staffer, 1 more held for gold smuggling,

india

MUMBAI: A housekeeping staff working at the Indira Gandhi International Airport was held on Sunday, along with another man, for allegedly trying to smuggle into the country gold worth over Rs 14 lakh. Both the men were apprehended by the central industrial security force and were later handed over to the Customs, along with the four gold bars seized from ... Read More »

Customs officer booked for corruption,

india

MUMBAI: The CBI has registered a corruption case against Parmanand Singariya, a preventive officer attached to the Customs. During searches at his residences in Mumbai and Pali district in Rajasthan, the CBI found Rs 17 lakh cash, US$ worth Rs 1 lakh, receipts of fixed deposit worth Rs 16 lakh, credit balance of Rs 14 lakh in various bank accounts ... Read More »

India trade ministry seeks lower tax on diamond miners,

india

MUMBAI: India’s trade ministry is seeking a cut in taxes for overseas diamond miners to boost trading in the world’s largest hub for polishing the gems, people with knowledge of the matter said. The commerce department in a letter to the finance ministry has sought to scrap levies and instead introduce a presumptive tax of 0.25 percent on diamond mining ... Read More »

Sharp rise in India’s textile imports post-GST.

india

MUMBAI: Made from man-made fibre (MMF) and cotton fabric, in the first two months after implementation of the Goods and Services Tax (GST), Confederation of Indian Textile Industry (CITI) has said citing data from Directorate General of Commercial Intelligence & MUMBAI: There has been a sharp increase in India’s imports of textiles, particularly yarn and fabric Statistics. The import of ... Read More »

Sharp rise in India’s textile imports post-GST.

india

MUMBAI: Made from man-made fibre (MMF) and cotton fabric, in the first two months after implementation of the Goods and Services Tax (GST), Confederation of Indian Textile Industry (CITI) has said citing data from Directorate General of Commercial Intelligence & MUMBAI: There has been a sharp increase in India’s imports of textiles, particularly yarn and fabric Statistics. The import of ... Read More »

Sharp rise in India’s textile imports post-GST.

india

MUMBAI: Made from man-made fibre (MMF) and cotton fabric, in the first two months after implementation of the Goods and Services Tax (GST), Confederation of Indian Textile Industry (CITI) has said citing data from Directorate General of Commercial Intelligence & MUMBAI: There has been a sharp increase in India’s imports of textiles, particularly yarn and fabric Statistics. The import of ... Read More »

Import of Chinese tyres declining: ATMA

india

MUMBAI: Demonetisation, the introduction of Goods and Services Tax (GST) and the anti-dumping structure have resulted in a decline in import of Chinese tyres, the chairman of Automotive Tyre Manufacturers Association (ATMA) said. “Now you can say Chinese imports have become less than half,” ATMA chairman Satish Sharma told reporters. “During the demonetisation month (November 2016), it dropped by 20%. ... Read More »

India may ban import of poppy seeds from Turkey

INDIA

  KOCHI:  The Central Bureau of Narcotics (CBN), under the Union Ministry of Finance, might impose a ban on the import of poppy seeds from Turkey if the allegations made by farmers/trade are found to be true. Some of the farmers/traders have alleged that poppy seeds from Turkey are nothing but part of the illegal poppy crop of Pakistan/Afghanistan origin. ... Read More »

India, Canada discuss ways for early conclusion of FTA talks

CANADA

  OTTAWA: Trade ministers of India and Canada have directed their chief negotiators to find ways for early conclusion of the proposed free trade agreement, the commerce ministry said on Monday. The proposed agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), came in for discussion during a meeting between Commerce and Industry Minister Suresh Prabhu and Canadian Minister ... Read More »

Cabinet approves signing of customs agreement between India, Armenia

INDIA

  MUMBAI: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved signing and ratifying of an agreement between India and Armenia on cooperation and mutual assistance in customs matters. The agreement will be signed on behalf of the two countries after it is approved by the respective governments. “This agreement shall enter into force on the first ... Read More »

India services activity rises in October on higher demand

index rises

NEW DELHI: India’s dominant services industry activity expanded at its fastest pace in four months in October as demand continued to strengthen despite accelerating price pressures, a business survey showed on Friday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.7 last month – its highest since June – from 50.7 in September. In July and August, the index ... Read More »

India manufacturing PMI stagnates in October as GST stings

PMI1

NEW DELHI: India’s factory activity barely expanded in October as new orders fell, a survey showed on Wednesday, as price rises following the introduction of goods and services tax (GST) dragged on the Indian economy and underscored dim growth prospects over coming months. The Nikkei manufacturing purchasing managers’ index (PMI), compiled by IHS Markit, fell to 50.3 last month from ... Read More »

State Bank of India cuts MCLR rates for first time in 10 months

SBI

NEW DELHI: Country’s largest lender, State Bank of India will cut marginal cost-based lending rates (MCLR) across maturities by 5 basis points. The new rates will come into effect on Wednesday. The rate cut will be SBI’s first lending rate cut in 10 months. SBI, which accounts for more than a fifth of India’s banking assets, will lower the 1-year ... Read More »

Marico India business up 12% in Q2FY18

MARICO

NEW DELHI: Marico Limited has announced the results for the second quarter ending September 30, 2017. The India business achieved a turnover of INR 1,200 crore (USD 187 million), a growth of 12 per cent over the same period last year. The volume growth in India was healthy at 8 per cent for the quarter. This is attributable to competitive ... Read More »

Indian oil companies eye stake in Adnoc’s offshore concession

INDIAN OIL

NEW DELHI: Indian oil firms are in talks with state-run Abu Dhabi National Oil Company (Adnoc) to acquire a stake in its ADMA-OPCO offshore oil concession when it comes up in 2018, Indian officials said. India, the world’s third biggest oil consumer, has told state oil firms to acquire assets overseas to improve energy security. India imports about 80 percent ... Read More »

Indian Oil aims for LNG import capacity of 13.5 mln tons in 5 yrs

LNG imports

NEW DELHI: State-owned Indian Oil Corp Ltd aims to have capacity to import about 13.5 million tonnes of liquefied natural gas (LNG) in five years, its head of business development said on Friday, helping India to gradually move to a gas-based economy. Prime Minister Narendra Modi’s government wants to raise the share of natural gas in India’s energy mix to ... Read More »

India’s Reliance Sept oil imports fall 0.7% y/y

RELIANCE

NEW DELHI: Reliance Industries Ltd, owner of the world’s biggest refining complex, shipped in about 0.7 percent less oil in September compared with a year earlier, according to tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal. Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought about 1.48 million barrels ... Read More »

India’s pepper exports may hit a 5-year low this fiscal

BLACK PEPPER

KOCHI: India’s black pepper exports could hit a five-year low in the current fiscal amid consistently higher prices that have forced buyers to shun Indian shipments in favour of those from Vietnam and Brazil.  Exports shrunk 13% year-on-year to 3,900 tonnes in the quarter ended June. In FY17, pepper exports had plunged 37% to 17,600 tonnes. Exporters said in the ... Read More »

India slaps anti-dumping duty on some stainless steel imports

steel

NEW DELHI: India imposed anti-dumping duty on some cold-rolled flat products of stainless steel from China, the United States, South Korea and the European Union, to curb the influx of cheaper imports and help local producers. The duty, which will be in effect until Dec. 10, 2020, exempts certain grades of stainless steel, an official notification said. The government has ... Read More »

India’s polished exports grow in September

Belgium’s polished diamonds

NEW DELHI: India’s polished-diamond exports increased 6% year on year to $2.65 billion in September, according to data the nation’s Gem & Jewellery Export Promotion Council (GJEPC) recently released. By volume, exports rose 24% to 3.9 million carats, with the average price down 14% to $677 per carat, the data showed. Polished imports fell 6% to $174 million, meaning net ... Read More »