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Bullion smuggling outstrips narcotics to feed gold crazed India

Gold biscuits are seen in this picture illustration taken inside a jewellery showroom in Mumbai June 4, 2013. The Reserve Bank on India on Tuesday extended the restrictions on the import of gold on consignment basis by banks to all nominated agencies and trading houses. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS COMMODITIES) - RTX10B6M

Singapore/Mumbai: Indian gold smugglers are adopting the methods of drug couriers to sidestep a government crackdown on imports of the precious metal, stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security. Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, ... Read More »

CBI arrests 19, including customs officials, over organised smuggling racket

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The Central Bureau of Investigation (CBI) has arrested 19 people, including six customs officials, in connection with an organised smuggling racket. The arrests were made at Trichy International Airport in Tamil Nadu. The Madurai unit of the CBI said that the smugglers were running the organised racket in connivance with customs officials. They used to smuggle gold, alcohol and cigarettes ... Read More »

CBI detains 50 passengers at Trichy airport on suspicion of smuggling

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A special team of the Central Bureau of Investigation (CBI) officials detained at least 50 passengers at the Tirchy International Airport. The passengers were coming from Singapore by an Air India express flight, they were detained on suspicion that some of them were smuggling goods. The CBI team from Madurai wing arrived at the airport with three inspectors, nine constables ... Read More »

Customs sharpens its claws to nab smugglers

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KOCHI:With cases related to gold smuggling from Cochin International Airport Ltd (CIAL), Nedumbassery, touching new heights during the last four months, the Air Intelligence Unit of Customs is adopting new techniques to curb the illegal act. As per the data provided by the Customs, 127 cases of gold smuggling have been registered from April 1 to July 25. As many ... Read More »

Passenger Attempts to Smuggle $50,000 Worth of Gold Through Airport Security in Grossest Way Possible

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Airport security manages to spot all kinds of things, from rare animals to strange weapons, hidden in passengers’ bags. But this piece of contraband sets a completely new standard in smuggling. A gold standard, if you will. Revenue intelligence officials at Hyderabad Airport, also known as Rajiv Gandhi International Airport, in Telangana, India, stopped one passenger who was trying to ... Read More »

More than 100 smuggled vehicles destroyed at Bureau of Customs

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President Rodrigo Roa Duterte witnessed the actual condemnation of One Hundred sixteen motorcycles and six vehicles worth a total of P34.71 million held at Bureau of Customs Parking Area , South Harbor ,Port Atrea Manila.
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President Rodrigo Duterte led the destruction of more than a hundred smuggled cars and motorcycles worth more than P34 million, nearly four months after several luxury vehicles were destroyed in the government’s campaign against smuggling. But still not included in the bulldozed vehicles were the Ferrari, Lamborghini and McLaren cars confiscated earlier by the Bureau of Customs (BOC) at Manila ... Read More »

Colombian national held for smuggling 66 cocaine capsules in stomach

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A 43-year-old Colombian national, who had swallowed 66 capsules of cocaine, was nabbed by the narcotics unit in Delhi. These capsules weighing 900 grams were meant to be smuggled in Delhi. The cost of the seized drug is more than Rs 9 crore in the international market. Madho Singh, Zonal Director of Narcotics Control Bureau (NCB) said: We received a ... Read More »

Abandoned power plant a $38 billion warning sign for Indian banks

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NEW DELHI: Deep in the jungles of eastern India lies an abandoned power plant, a warning symbol for the $38 billion of additional bad loans which are about to engulf the country’s banks. Like many of India’s power stations, the Jharkhand project had all the markings of success when a group led by State Bank of India lent about $700 ... Read More »

India hits back at US, hikes import duty on 29 products

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NEW DELHI: India has increased customs duty on 29 products, including pulses and iron and steel products, imported from the US as a retaliatory action against the tariff hike by Washington + . The duty hike would come into effect immediately for 28 products, while for artemia, a kind of shrimp, the rate hike would be effective from August 4, ... Read More »

US, India trade friction could roil strategic partnership: report

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WASHINGTON :”While the media has been focused on trade war between the United States and its three main trade partners” The EU, China and NAFTA, a potential trade friction is brewing between the US and India that could negatively impact strategic partnership between the two countries. India has begun imposing tariffs on American exports worth $240 million after it failed ... Read More »

FPIs withdraw Rs 5,500 crore from market in June so far

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Foreign investors have pulled out more than Rs 5,500 crore from capital markets this month so far due to global trade war worries coupled with hawkish commentary by the US Federal Reserve. This comes following a net outflow of over Rs 45,000 crore from capital markets (equity and debt) in the last two months. Prior to that, foreign portfolio investors ... Read More »

Guess why India missed being a $3.5 trillion economy in 2017

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NEW DELHI: Violence cost the Indian economy a whopping $1.19 trillion (over Rs 80 lakh crore) in 2017 in constant purchasing power parity (PPP) terms, according to a report prepared by the Institute for Economics and Peace (IEP) based on an analysis of 163 countries and territories. The amount sums up to roughly $595.4 per person. Given that India’s Gross ... Read More »

Govt identifies 16,500 entities as shell companies, another 80,000 under lens

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NEW DELHI: The government has identified over 16,500 companies as “confirmed shell companies”, while another 80,000 are under the lens and have been put in the suspect category, the finance ministry said. The companies, which are suspected to have little business but large amounts of fund flow, are typically classified as shell companies as money — often collected in cash ... Read More »

Samsung is a Rs 50,000 crore business in India

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KOLKATA: Samsung India crossed the Rs 50,000-crore sales milestone in 2016-17 as per the just published company filings with the Registrar of Companies (RoC), consolidating its position as the country’s largest pure-play consumer goods MNC. The Korean giant’s total income, including turnover and other income, grew by 15.5% to Rs 55,511.9 crore in FY 2017 from Rs 48,053 crore in ... Read More »

India launches second IT corridor in China to gain access to big Chinese market

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India launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms. The National Association of Software and Services Companies (NASSCOM) has established one more Digital Collaborative Opportunities Plaza (SIDCOP) platform in China in an effort to provide market access to Indian IT firms ... Read More »

Singapore, India exchanges have abandoned trade link talks: Sources

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MUMBAI (BLOOMBERG) – The Singapore Exchange (SGX) and National Stock Exchange of India (NSE) have abandoned talks on a cross-border trading link, according to people familiar with the matter, amid a bitter court battle that’s soured an 18-year partnership. The companies couldn’t reach consensus on issues including timing, regulatory guidelines and the resources required for the project, according to the ... Read More »

Teejay Lanka doubles India plant capacity with US $ 15mn expansion

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Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at current rates). Located within the 1,000-acre Brandix India Apparel City (BIAC) in Vizag, Andrapradesh, Teejay India is now capable of manufacturing up ... Read More »

State Bank Of India Reports Record Loss Of $1.1 Billion In March Quarter, Shares Surge

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State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion) – its biggest ever – in the January-March quarter, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation.. The loss for the three months to March 31 was deeper than what the market had expected. Analysts on ... Read More »

India oil minister says considering steps to keep fuel prices in check

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NEW DELHI: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai. Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their ... Read More »

Tatas complete acquisition of Bhushan Steel; deal helps fraud-hit PNB offset some losses from Nirav Modi scam

A Tata Steel sign is seen outside their plant in Scunthorpe northern England, October 15, 2014.  India's Tata Steel Ltd is in talks to sell loss-making European operations including mills in northern England and Scotland to Geneva-based Klesch Group, as it battles weak prices and tentative economic recovery. REUTERS/Phil Noble (BUSINESS INDUSTRIAL) - RTR4AAKC

Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of a controlling stake, of 72.65 percent, in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets that the Reserve Bank of India ... Read More »