Thursday , April 26 2018
Breaking News


Duty likely on chemical import from four nations


MUMBAI: India is likely to impose antidumping duty of up to $92.23 per tonne on import of a chemical used in pharmaceutical and agriculture sectors from Indonesia, Malaysia, Thailand and Saudi Arabia, following a Directorate General of Anti-Dumping and Allied Duties probe. The duty, if imposed, will protect domestic players from cheap imports of ‘saturated fatty alcohols’ from these four ... Read More »

India exempts imported solar panels from customs duty


MUMBAI: The  Central Board of Indirect Taxes and Customs (CBITC) has reclassified imported solar modules in order to provide exemption from customs duty. In September 2016, CBITC had classified solar panels as “electrical motors and generators” under the Customs Act (HS Code 8501). Items in this category attract 7.5% customs duty.  Several project developers had challenged the move in court and had left ... Read More »

Thales looking at role in India’s nuclear submarine project


MUMBAI: Thales has said it is working on doubling its footprint in India by expanding its overall product portfolios with a major focus on India’s ambitious project to build a fleet of nuclear-powered attack submarines. Senior Executive Vice-President (International Development) Pascale Sourisse said Thales was in particular looking at supplying key components such as sonars for India’s nuclear-powered and other ... Read More »

India’s Iran oil imports fell 15.7 pct in fiscal year 2017/18


MUMBAI: India’s oil imports from Iran during the 2017/18 fiscal year fell by 15.7 percent from a year ago as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources. India, the world’s third-biggest oil importer, shipped in a record 4.46 million barrels per day (bpd) ... Read More »

Indian investment proposals in France jump 73% in 2017


MUMBAI: India recorded the biggest rise of 73 per cent in investment proposals into France among emerging economies in 2017, according to a report. In 2017, there were 19 Indian foreign investment projects in France, up 73 per cent over last year when there were 11 such projects, according to the report — The 2017 Annual Report: Foreign investment in ... Read More »

12 kg smuggled gold seized in Kolkata


MUMBAI: About 12 kg of smuggled gold valued at Rs 3.7 crore was seized here in two separate operations and seven persons were arrested, an official said on Monday. Acting on a tip off, personnel of the Directorate of Revenue Intelligence intercepted three persons at Burrabazar, one of Asia’s biggest wholesale markets, in central Kolkata and recovered 53 gold biscuits having a foreign marking, weighing 6.18 ... Read More »

India starts antidumping probe on chemical from Brazil


MUMBAI: India has initiated probe into alleged dumping of a chemical used in paint and leather industry from Brazil, Indonesia and Thailand following a complaint from a domestic player. The commerce ministry’s investigation arm – Directorate General of Antidumping and Allied Duties (DGAD) – has stated that it has found sufficient evidence of dumping of ‘non-plasticised industrial grade nitrocellulose excluding nitrocellulose damped in Ethanol and waterwet’ from these three countries. “The authority hereby initiates an investigation into the alleged ... Read More »

India launches anti-dumping probe into Taiwanese chemical firms


MUMBAI: India has launched an investigation into chemical firms from Taiwan and three other economies, accusing them of dumping a commonly used type of chemical at unfairly low prices into the Indian market, according to the Ministry of Economic Affairs (MOEA). The MOEA said India’s Ministry of Commerce and Industry kicked off a probe on April 4 into epoxy resin ... Read More »

Customs arrests five men for smuggling gold at Delhi airport


MUMBAI: Five men have been arrested by the customs officials for allegedly trying to smuggle into the country gold valuing Rs 60 lakh at Indira Gandhi International Airport (IGIA) here. The accused were arrested in two separate cases booked by the customs on Sunday and Monday. In first case, three persons were intercepted after their arrival from Sharjah on Sunday. ... Read More »

India relieves most solar modules from customs duty


MUMBAI: One of the major causes of uncertainty for India’s solar sector has been put to rest after the Central Board of Indirect Taxes and Customs (CBITC) clarified that most PV modules will not be subject to customs duty. Along with the goods and service tax (GST) and the threat of anti-dumping and Safeguard duties, the customs duty has been ... Read More »

India and non-proliferation export control regimes


MUMBAI: In 2016, India’s bid for membership in the Nuclear Suppliers Group (NSG) generated considerable interest and debate, both at home and within the international non-proliferation community. India’s push was a natural follow-up to the 2008 exceptional waiver granted by the NSG to India, though the political judgement regarding the timing was questionable, given the shift in China’s position between ... Read More »

India launches anti-dumping investigation into imports of EVA


MUMBAI: India has launched an anti-dumping investigation into imports of EVA (ethylene vinyl acetate) encapsulant material for solar modules from China, Malaysia, South Korea, Thailand and Saudi Arabia. The action from the Directorate General of Anti-Dumping and Allied Duties (DGAD) came in response to a petition filed by India-based integrated PV manufacturer Renewsys India, the renewable energy arm of conglomerate, Enpee Group. DGAD noted that ... Read More »

Indian state firms plan to nearly double Iranian oil imports


MUMBAI: Indian state refiners plan to almost double oil imports from Iran in 2018/19, drawn by incentives offered by Tehran, sources with knowledge of the matter said, potentially helping Iran increase its share in the world’s third-biggest oil importer. Iran is pushing to retain its oil customers in Asia, offering better terms than other Middle Eastern suppliers including Saudi Arabia, ... Read More »

India’s gems and jewellery exports decline by 11% in Feb


MUMBAI: The country exported Rs.23,613.26 crore worth of gems and jewellery in February 2018, as compared to Rs.26569.49 crore in the same month last year, according to a data by the Gems and Jewellery Export Promotion Council (GJEPC). Following the PNB scam of Rs.13,600 crore by billionaire Nirav Modi and his uncle Mehul Choksi, both public and private sector banks have considerably ... Read More »

Indian court orders tax dept to lift freeze on Cognizant’s funds


MUMBAI:  IT services company Cognizant Technology Solutions Corp (CTSH.O) said on Tuesday an Indian court had granted the company’s application to lift the Indian income tax department’s freeze on its bank accounts.  The tax department had frozen the company’s bank accounts last month for allegedly evading a dividend distribution tax of more than 25 billion rupees ($385 million) following a ... Read More »

Smuggling of black pepper to India on the rise


MUMBAI: Smuggling of black pepper into India from Nepal is growing in the past few months. District Police Office, Bara, on Friday seized a mini-truck after finding 60 quintals of black pepper being smuggled to India. Police stopped the truck for surprise inspection at a bordering village in Pacharauta Municipality-9. Bara Police had deputed a team led by Deputy Superintendent ... Read More »

India imposes 10% tax on import of key smartphone components


India has imposed a 10 percent tax on imports of key smartphone components including populated printed circuit boards, which are at the heart of smartphones, according to a government document. The government’s move on Monday confirmed a Reuters report from last week that the country was exploring new duties on the imports of populated printed circuit boards that include components such as processors, memory and wireless chips. ... Read More »

India must be practical in managing trade policies


MUMBAI: The Indian government is hard pressed to create more jobs and sustainable livelihoods. Chinese products are flowing into the country, providing good value for consumers no doubt, but also killing Indian enterprises and jobs they provide. When the going gets tough, the tough must get going. “Make in India” will remain a slogan if both, the Indian government and ... Read More »

Indian advance pricing agreement uses customs value as arm’s length price


MUMBAI: India’s Central Board of Direct Taxes (CBDT) has recently entered into an advance pricing agreement (APA) where the price determined by the Indian Customs authorities was accepted as arm’s length price for import transactions for transfer pricing purposes. Generally, the Indian tax authorities and customs authorities have different purposes for valuing an import transaction. The customs authorities have a ... Read More »

India’s Feb oil imports from Iran up 1.3 pc year on year


MUMBAI:India’s oil imports from Iran rose by about 1.3 percent in February compared to last year, according to data from shipping and industry sources. India shipped in 655,500 bpd oil from Iran in February, about a third more than the previous month, the data showed. In April 2017-Feb 2018, the first 11 months of this fiscal year, India imported 15 ... Read More »