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Thursday , August 24 2017
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India

Gold consignments from South Korea to face strict customs scrutiny

South Korea India

NEW DELHI: The Customs authorities have decided to examine thoroughly the consignments of gold coming from South Korea to ensure that there is no violation of provisions of free trade agreement, a senior official said. The issue was deliberated upon in details during a meeting last week of the department of commerce, customs authorities, officials of economic affairs and the ... Read More »

Customs nabs two attempting to smuggle gold at IGIA

gold output

NEW DELHI: Two men have been arrested by the customs for allegedly trying to smuggle into the country gold valuing about Rs2.7 million at the Indira Gandhi International Airport (IGIA). The accused were intercepted by the customs officials after their arrival from Abu Dhabi on Wednesday. “Detailed examination of their baggage and their personal search resulted in recovery of 933.12 gms ... Read More »

India to import 25 tonnes of duty-free gold from South Korea

goldsmuggling

NEW DELHI: Indian traders are likely to import 25 tonnes of gold from South Korea in July and August, taking advantage of a recent tax change that allows importers to ship in gold without paying a 10 percent customs duty, industry officials told press. The cheap imports are putting pressure on local refiners and banks who cannot match the steep ... Read More »

India raises vegetable oil import taxes to protect farmers

VEGETABLE OIL

NEW DELHI: India, the world’s biggest buyer of vegetable oils, has raised import taxes on crude and refined edible oils to protect local oilseed farmers from cheaper imports from top suppliers Malaysia and Indonesia. The increases were shown in an order uploaded on a government website late on Friday. New Delhi doubled the import tax on crude palm oils to ... Read More »

Customs officials seize gold, memory cards worth Rs34.9m

gold

MUMBAI: Gold and memory cards worth Rs 34.9 million have been seized by customs department officials at the New Courier Terminal (NCT). According to a release by the customs department, two packages, which had come from Hong Kong and Bangkok and claimed to have been carrying Uninterruptible Power Supply (UPS) devices for computers by their senders, were examined yesterday. Upon opening ... Read More »

Customs nabs two with foreign notes, Upma worth Rs. 1.3 crore at Pune airport

indian currency

PUNE: Customs officials intercepted and seized foreign currency worth Rs 1.3 crores hidden in casseroles wrapped under a layer of Upma—the south Indian delicacy. Two passengers— Nishant Vijay Yetam, a resident of Nagaothane in Raigad district, and Harsha Ranglani Raju, a resident of Chembur in Mumbai—were on their way to Dubai with USD 1,72,800 and EUR 30,000. Yetam was carrying ... Read More »

India may impose anti-dumping duty on Chinese castings

Anti-dumping-duty

NEW DELHI: The government may impose anti-dumping duty on castings for wind operated power generators from China to guard domestic players from below-cost imports. Larsen & Toubro Ltd had filed the application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of anti-dumping probe on imports of a certain type of castings for wind operated electricity generators ... Read More »

Special court denies bail to customs official in gold theft case

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NEW DELHI: A special court has denied bail to a superintendent of the Central Excise department at Sonepat in Haryana, arrested in connection with theft of gold from the department’s vaults at the Indira Gandhi International Airport here. Special Judge Rakesh Pandit denied the relief to Sanjiv Kumar, saying he might hamper the ongoing probe which is at a crucial ... Read More »

Distrust between tax officials and customs has made India one of the worst places to do business: ICA

india customs logo

NEW DELHI: Mobile industry body Indian Cellular Association (ICA) today criticised the business climate in India saying cumbersome processes have emerged out of distrust between tax officials and customs authorities. “Ease of doing business…there are very few countries we can compete with, obviously from the bottom. Probably, this is the worst country to do business in. That is a very ... Read More »

Indian port seeks container stacking solution

Jawaharlal Nehru Port

MUMBAI: India’s largest container port Jawaharlal Nehru Port is on the hunt for a planning solution to handle stacks of containers for new Direct Port Delivery (DPD) clients, according to local media. Jawaharlal Nehru Port was intended to operate under the container freight station (CFS) model, enabling holding of containers in stacks before customs clearance. Moving to a more DPD-oriented ... Read More »

Customs seizes gold worth Rs6.5m from flight passenger

valut gold

NEW DELHI: Customs officials have intercepted a passenger, who smuggled 2.6 kg of gold bars from Sharjah to Coimbatore in Air Arabia flight during the wee hours of Friday morning. The passenger has been identified as Sadiq Ali of Keelakkarai in Ramanathapuram district. Customs officials said that he was a carrier and he was found carrying gold bars, which were ... Read More »

Volkswagen India exports 2,50,000th car

volkswagen

MUMBAI: Volkswagen reached a milestone when it exported its 2,50,000th locally built car. The vehicle, which happened to be a Vento, was exported to Mexico. According to the company, demand for the Polo and Vento in certain markets has been on the rise, with the latter being the third-highest selling model in Mexico. The country accounts for 80% of Volkswagen’s ... Read More »

Airport Police nabs retired banker over charges of duping customs

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PUNE: The Airport police have booked a retired employee of a public sector bank and his accomplice for allegedly duping the Central Customs Department to the tune of Rs1.46 million between January and April this year. Dnyandev Sabale (50) of Morwadi in Pimpri lodged a complaint with the Airport Police Station on Tuesday following which police booked the retired employee ... Read More »

Goa customs seize 580gm gold

guyanagoldminers

GOA: The air intelligence wing of the Commissionerate of Customs, Goa unit, on Tuesday seized 580 grams of gold worth Rs 1.5 million in a smuggling attempt involving a Kerala native through Goa International Airport at Dabolim. According to officials of Goa Customs, while clearing the passengers arrived by a Oman Airways flight from Muscat to Goa, the Customs intercepted ... Read More »

AIU seizes gold worth Rs6.9m from Mumbai airport, aircraft washrooms

indiagoldsmuggling

MUMBAI: The Air Intelligence Unit (AIU) of the customs department on Friday detected two cases of gold smuggling, in which the accused hid the precious metal worth Rs6.9 million in toilets. In the first case, Mohammedali Kekepuram Mohammed, 41, an executive in a Dubai firm, was arrested for smuggling gold from Dubai. After AIU officials found him moving suspiciously, they ... Read More »

WCO backs India’s trade facilitation plan

wco

NEW DELHI: India’s National Trade Facilitation Action Plan (NTFAP), which aims to reduce cargo release time for exports and imports as part of measures intended to boost trade, has been described by the World Customs Organisation (WCO) as a ‘best practice’ that other nations can adopt. The WCO on Friday emphasised the fact that as many as 51 of the ... Read More »

India’s edible oil imports to fall for 1st time in six years

Edible oil

MUMBAI: India’s edible oil imports are set to fall for the first time in six years as a surge in local oil seed output cuts into overseas purchases, but intake needs to fall further to fortify the health of the market, the head of a leading importer said. The lower purchases by the world’s biggest importer of vegetable oils come ... Read More »

India imposes 10% customs duty on chargers and adapters

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NEW DELHI: The government has imposed a 10% basic customs duty (BCD) on imported chargers and adapters, while exempting parts or raw material used for making these products out of the duty ambit. The move reinstates an advantage that local manufactures had before the introduction of GST. The industry welcomed the move, saying the step would provide stimulus to local ... Read More »

Cattle smuggled from India harming economy of Bangladesh

Indonesia cattle from Australia

DHAKA: Cattle smuggled from India is harming the economy of Bangladesh, a senior officer of Border Guards of Bangladesh said today and formally requested the Border Security Force (BSF) to stop it. “Actually it (cattle smuggling is harming our economy. If it doesn’t come from India then our dairy farmers can go up and we can take care of ourselves,” ... Read More »

India’s imports 220 ton gold in May2017, five years high

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NEW DELHI: Gold imports into India have surged in the last six months thanks to festivals, economic recovery and concerns over a new tax regime and the push for the cashless society in India. Imports totalled 521 tonnes in the first half of this year, compared to just 510 tonnes in all of 2016. Should buying levels continue then India ... Read More »