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India

Gold bars worth Rs3.4m recovered from toilet of Jet Airways flight at Mumbai Airport

gold-mining

NEW DELHI: Two unclaimed packets were recovered from Jet Airways flight no 9W 535 which arrived from Dubai at 07:45 PM. On specific intelligence, the officers of AIU rummaged Jet Airways flight no 9W 535 which arrived from Dubai at 07:45 PM and recovered two unclaimed packets wrapped with black coloured adhesive tape concealed in the cavity behind the mirror ... Read More »

India to become trade, transit hub in bid to counter China’s OBOR

India to counter China's OBOR

NEW DELHI: India became the 71st country to join the United Nations TIR Convention to position itself as a regional trading and transit hub. The TIR system is a global customs transit system with the widest geographical coverage. As other customs transit procedures, the TIR procedure enables goods to move under customs control across international borders without the payment of ... Read More »

Central Board of Excise and Customs to soon notify new procedural framework

Indian CBEC to be renamed CBIC under GST scheme

NEW DELHI: It’s a green light from Indian customs for the pre-run of the GST on June 23. Central Board of Excise and Customs will soon notify the new procedural framework for the country’s over $650-billion trade sector, which will be among the first to face tax regime change from July 1. “We have already restructured the field force in ... Read More »

India could impose 10% customs duty on imported smartphones

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NEW DELHI: Imported phones are set to get expensive. In a bid to boost Make in India, the government is considering imposing basic customs duty of at least 10% on smartphones that are imported, according to a report. This move will make imported devices more expensive than locally made ones. The move is expected to stimulate investments of more than ... Read More »

Iran, India to step up ICT cooperation

COOPERATION

TEHRAN: Iranian and Indian ICT ministers have agreed to provide proper conditions for further expansion of bilateral cooperation on information and communication technology. Iranian ICT Minister Mahmoud Vaezi who is in Geneva for a specialized meeting of the International Telecommunication Union, held talks with his Indian counterpart Manoj Sinha on Thursday. During the meeting, the two sides noted the many ... Read More »

Indian mobile operators face 10% Customs duty on 4G equipment import

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NEW DELHI: Import of 4G telecom equipment by mobile telephony service providers will attract a 10 per cent basic Customs duty, a move that will impact firms investing in new technology. So far, there had been no clarity on the import duty on such equipment as to whether they are covered under the global Information Technology Agreement (ITA) — which ... Read More »

Indian customs recover 94 pieces of fake Rs 2000 notes near Guwahati

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NEW DELHI: Assam has turned out to be major hub of fake currency since demonetization as security agencies recovered huge quantity of fake Indian currency from different parts of the state. On Sunday, the Customs department recovered fake Indian currency notes with a value of Rs 1,88,000 from Changsari area, outskirts of Guwahati and arrested a person in connection with ... Read More »

Delhi court denies bail to customs official in gold theft case

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NEW DELHI: A Delhi 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. Chief Metropolitan Magistrate Sumit Dass denied the relief to Sanjiv Kumar, saying that he might hamper the ongoing probe which is at ... Read More »

Cabinet approves India-Cyprus pact on merchant shipping

Cabinet approves India-Cyprus pact - agreement

NEW DELHI: The Cabinet today gave ex-post facto approval to the agreement signed in April between India and Cyprus on merchant shipping, aimed at enhancing cooperation between the two nations for sea trade development. “The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the agreement between India and Cyprus on merchant shipping, which ... Read More »

Two held for smuggling forex worth Rs 3.8 million

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NEW DELHI: Two men have been arrested from the airport here for allegedly trying to smuggle Rs 3.8 million in foreign currency out of the country. The accused were intercepted yesterday at the departure hall when they were proceeding to board a flight to Bangkok. “A detailed personal search and baggage examination of the passengers resulted in the recovery of ... Read More »

16 kg gold missing from Customs’ vault

gold

NEW DELHI: About 16 kg of gold has been stolen from the vaults of the Customs Department at the Indira Gandhi International Airport here, prompting the Central Bureau of Investigation to register a case in this regard. The theft of gold, valued at about Rs. 4 crore, surfaced during inspection of the vaults by the Stock Taking Committee between January ... Read More »

CBI arrests customs official in gold theft case

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NEW DELHI: The CBI has arrested a superintendent of the Customs department from Sonepat in connection with theft of gold from the vaults of the department at the Indira Gandhi International Airport. The agency has filed FIRs in a number of cases pertaining to the alleged pilferage of over 38 kilograms of gold from the Customs vaults here. CBI sources ... Read More »

India’s plan to tax solar panels higher than coal prompts alarm

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NEW DELHI: India is at risk of undermining its own ambitious solar power targets, executives have warned, after it emerged that the government intends to tax parts for solar panels at more than double the rate of coal under a new national goods and services tax. Photovoltaic cells will be taxed at 18 per cent under plans for the new GST, which ... Read More »

Indian economy to improve in Q1, funds’ cost may rise

economy-2014

NEW DELHI: The Indian economy is poised to experience improvement in overall conditions during the ongoing first quarter owing to better external financial linkages, and growth in both funds available as well as domestic economic activity, industry chamber CII said on Sunday citing its survey. “The CII-IBA Financial Conditions Index at 56.9 for Q1 (April-June) FY 2017-18 reflects positive outlook ... Read More »

India imposes anti-dumping duty on aluminium foil from china

aluminium

NEW DELHI: Mere days after issuing definitive anti-dumping duties against aluminium radiators from the People’s Republic of China, India’s Directorate General of Anti-Dumping and Allied Duties (DGAD) levied another such duty against aluminium foil from the Middle Kingdom. The DGAD issued a notice of the new duty on its website on Tuesday, citing findings published just over two months prior ... Read More »

India Reliance’s April oil imports fall 0.5% on month

profit fall

NEW DELHI: India’s Reliance Industries, owner of the world’s biggest refining complex, imported 0.5 percent less oil in April from the previous month, ship tracking data made available to Thomson Reuters showed. The imports were, however, 17.3 percent more than a year ago, when the private refiner had slowed purchases ahead an annual maintenance at one of its plants, the ... Read More »

General Motors to cease sales operations in India by 2017

GM

NEW DELHI: One of the early entrants into the Indian market, General Motors Co. on Thursday said that it will cease its sales operations in India and focus on exports from the world’s fastest growing passenger vehicle market. “The company will focus its GM India manufacturing operations on producing vehicles for export only…,” GM International said in a statement. Existing ... Read More »

India, Tajikistan sign info-sharing pact on Customs

INDIA

NEW DELHI: The Union Cabinet today approved the signing and ratifying of an agreement between India and Tajikistan on cooperation and sharing of intelligence in the area of Customs. The agreement will help in availability of information for the prevention and investigation of Customs offences, an official statement said. It is also expected to facilitate trade and ensure efficient clearance ... Read More »

India, Tajikistan sign info-sharing pact on Customs

sign

NEW DELHI: The Union Cabinet today approved the signing and ratifying of an agreement between India and Tajikistan on cooperation and sharing of intelligence in the area of Customs. The agreement will help in availability of information for the prevention and investigation of Customs offences, an official statement said. It is also expected to facilitate trade and ensure efficient clearance ... Read More »

Goa customs seizes gold worth 1.86 million at Dabolim

gold

GOA: In a smuggling attempt, the Air Intelligence Wing of the Commissionerate of Customs Goa Unit on Sunday seized 698 grams of gold worth Rs 1.86 million from a Uttar Pradesh native at the Dabolim Airport. According to officials of Goa Customs, during arrival of Air Arabia flight G9-492 to Goa from Sharjah and based on the inputs provided by ... Read More »