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Customs seizes foreign currency from passenger at Mangaluru Int’l Airport

MANGALURU: Officials of Customs at Mangaluru International Airport (MIA) at Kenjar here seized foreign currency totaling 12,500 Saudi Arabian Riyals, 7,755 UAE Dirhams, 50 Kuwait Dinars and 400 Qatar Riyals equivalent to Rs 3,75,023 from a passenger Mohammed Ali Pallikunhi, 27, hailing from Mogralputhur, Kasaragod District in Kerala. Officials intercepted him at the time of his departure from MIA on ... Read More »

India to reform rules governing level of discounts to oil firms

NEW DELHI: India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company. The government hopes to sell shares in ONGC and India Oil Corp. to raise about a third of ... Read More »

Goa to auction stocks through Reserve Bank of India

GOA: The stock will be auctioned through the Reserve Bank of India’s (RBI) Mumbai office on May 26 with the interest rate being determined by the RBI. The Goa government will borrow Rs 150 crore through sale of 10-year Goa government stock (securities) on May 26. So far, the state government has borrowed Rs 2600 crore. The proceeds of this ... Read More »

India’s fund managers pump in Rs 22k crore in debt markets

NEW DELHI: Mutual fund managers pumped in over Rs 22,000 crore in the debt market in April, mainly on account of positive investor sentiments and the government’s reforms agenda. In comparison, they have invested a net amount of Rs 9,244 crore in the stock markets. Moreover, mutual fund houses are upbeat about overall inflows in equities and debt markets for ... Read More »

India’s AIBEA revises pact with Indian Banks Association

MUMBAI: Bank unions will be formally signing the new wage revision agreement with the industry body Indian Banks Association (IBA) on Monday, one of the heads of the unions said on Friday. The pact, which will benefit 8.5 lakh employees from all the state-run banks, old generation private banks and some large foreign banks, will be signed after years of ... Read More »

India’s Jaitly allows cut in interest rates

MUMBAI: “It is,” said Arun Jaitley, when asked whether the time is right for the Reserve Bank of India (RBI) to effect an interest rate cut. NEW DELHI: The time is right for the Indian central bank to cut interest rate due to falling inflation, the finance minister told reporters on Friday. “It is,” said Arun Jaitley, when asked whether ... Read More »

Indian court sentences 2 income tax officers in bribery case

NEW DELHI: A special court here on Thursday sentenced then deputy commissioner and inspector of Delhi’s income tax department to four years in jail in a bribery case. A Central Bureau of Investigation (CBI) special judge at the Saket Court sentenced then deputy commissioner of income tax Arun Kumar Gurjar and then inspector of income tax Baljeet Singh to undergo four ... Read More »

Britannia Industries’ net profit soars 8% in early trade

NEW DELHI: Britannia Industries has soared by more than 8% in early trades after its net jumped by 55% to Rs 167 crore in Q4. The stock is trading at Rs 2471, higher by Rs 186 or 8.1%, on the BSE. The shares had opened at Rs 2391 and have touched a high of Rs 2556 and a low of ... Read More »

US court sentences 3 Indian arrested in smuggling case

NEW DELHI: An Indian is among three men arrested here and charged with conspiracy to commit wire fraud for tricking distressed homeowners to sell their homes and reaping millions of dollars through the scheme. Rajesh Maddiwar, Mario Alvarenga and Amir Meiri were presented in Manhattan federal court before US Magistrate Judge Kevin Fox yesterday. The three were each charged with ... Read More »

Indian police seize 1200kg ganja worth Rs50 lakh

KOHIMA: Around 1200 kgs of drugs, worth Rs 50 lakh, were seized from a vehicle at Peducha check gate on National Highway 29 in Nagaland, police said here the other day. The ganja was concealed inside the chamber of an LPG carrier which was moving along with a convoy of LPG carriers escorted by CRPF and armed personnel on Friday, ... Read More »

Apparel exporters demand interest subsidy to boost exports

NEW DELHI: Apparel exporters’ body AEPC today demanded interest subsidy scheme among other things to boost exports. Apparel Export Promotion Council of India (AEPC) Chairman Virender Uppal said exports grew by 9.24 per cent in April this year but it was 13.4 per cent in April 2014. He said free trade agreement with European Union and Canada would help in ... Read More »

Russia, Iran plan to resume Iranian dairy imports

TEHRAN: Iran and Russia, which both found themselves under Western sanctions, have decided to expand their cooperation with barter deals. A senior Russian official said Russia will begin the imports of Iranian dairy, fish and meat products in exchange for grain. Alexei Alexeyenko, deputy head of Russia’s agriculture watchdog said the country was in the process of approving a list ... Read More »

Gold price declines by 1.70% last week

NEW DELHI: June gold futures declined by 1.70% on May 19, 2015, and settled at $1,206.70 per ounce. Prices declined for the first time in the last six days—led by the appreciating dollar. Gold ETFs like the SPDR Gold Trust (GLD) and the iShares Gold Trust (IAU) followed the price trajectory of gold prices yesterday and fell at the close of ... Read More »

Indian rupee strengthens 17 paisa to 63.65 against dollar

NEW DELHI: The rupee strengthened 17 paise to 63.65 against the dollar in early trade at the Interbank Foreign Exchange on Thursday on fresh selling of the U.S. currency by exporters and banks amid a higher opening in the equity market. Forex dealers said besides selling of the American currency by exporters and banks, the dollar’s weakness against other currencies ... Read More »

India’s PM inks $22b worth trade deal with China

NEW DELHI: India’s PM Narendra Modi signed trade and economic co-operation deals worth US$22bn in his visit to China last week. The agreements cover a range of industries including renewable energy, the financial sector and ports, a sign of the Modi government’s commitment to remove trade barriers and enhance bilateral trade: “India is ready for business,” Modi announced. A spokesperson ... Read More »

India-EU Free Trade Agreement talks to resume soon: Cravinho

NEW DELHI: European Union’s Ambassador to New Delhi, Joao Cravinho, last week expressed keenness to pursue the India-EU Free Trade Agreement talks. The desire is mutual. Despite the vigorous pace that the Narendra Modi government has marked in the matter of foreign relations in general, this process has remained in suspended animation for two years now. Minister for Commerce and ... Read More »

Indian customs seizes 8kg Iranian saffron at Cochin airport

NEW DELHI: Customs officials at the Cochin International Airport here on Tuesday seized about eight kilograms of Iranian saffron approximately valued at Rs. 6 lakh from a passenger who arrived from Dubai. The passenger had concealed the saffron along with other personal effects in his checked-in baggage. Muhammad Akbar, a native of Kannur, who landed here at 10.40 p.m. by ... Read More »

Brazil sugar producers fears price fall as India, Thailand to inject 4m tones in market

NEW DELHI: Sugar prices have been slumping at a time when Brazilian sugarcane producers were already struggling because of government fuel policies that have reduced demand for ethanol. According to preliminary estimates by Brazilian consultancy Agroicone, Indian and Thai subsidies would add 4 million tonnes of sugar, or nearly 7 percent, to world supply, dragging down prices 13 percent. Unica’s ... Read More »

India’s PM inks $22b worth trade deal with China

NEW DELHI: India’s PM Narendra Modi signed trade and economic co-operation deals worth US$22bn in his visit to China last week. The agreements cover a range of industries including renewable energy, the financial sector and ports, a sign of the Modi government’s commitment to remove trade barriers and enhance bilateral trade: “India is ready for business,” Modi announced. A spokesperson ... Read More »

Indian traders fear possible sanctions on Iranian trade

TEHRAN: Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one ... Read More »