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31 tax defaulters owes Rs1,500 crore to government: Income tax dept

NEW DELHI: Moving ahead with its strategy of ‘naming and shaming’ large tax defaulters, the Income Tax department came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government. Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem Infrastructure (401.64 crore), Pune-based Patheja Bros Forging & Auto Parts ... Read More »

India imports 14,571.90 tonnes pears over 2013-14 year

NEW DELHI: India imported 14,571.90 tonnes of fresh pears over the 2013-14 year, according to report of Agricultural and Processed Food Products Export Development Authority (APEDA). Pear exporters across the globe are targeting a growing demand for the fruit in India. No imports were made in either 2012/13 or 2011/12, with the market relying on domestic production from the Himachal ... Read More »

Indian customs recovers 21kg of gold worth Rs5.5 crore at airport

NEW DELHI: Indian Customs literally struck gold last week at the Indira Gandhi International Airport with the recovery of 21 kilograms of gold worth Rs 5.5 crore from two separate passengers within a span of just two minutes. According to a customs official, a passenger coming from Bangkok on a Thai Airways flight was intercepted after he crossed the green ... Read More »

Global trade growth may decrease Indian exports by 3.3%

NEW DELHI: India’s sliding export performance may be difficult to arrest as the World Trade Organization has cut global trade growth forecast for 2015 to 3.3% from 4% earlier. “Trade growth has been disappointing in recent years due largely to prolonged sluggish growth in GDP following the financial crisis,” WTO Director-General, Roberto Azevedo, said. “We expect trade to continue its ... Read More »

Gold worth Rs.35, 00,000 Seized from woman passenger in India

CHENNAI:  Gold worth approximately Rs. 35 lakh was seized from a woman passenger who arrived at Chennai airport from Singapore on Monday, airport officials said. “Gold weighing 1.3 kilograms was found in the woman’s luggage,” a senior official told Press Trust of India. “The woman is a resident of Tamil Nadu’s Tiruchirappalli, and has been detained for questioning,” the official ... Read More »

India Bharatiya Janata party to cut down 10% crude import by 2022

NEW DELHI: The Bharatiya Janata party (BJP)-led government at the Centre would cut down India’s crude oil import by at least 10 per cent in the next seven years and bring it down to 67 per cent of the country’s total demand, Dharmendra Pradhan, Union minister of state (independent charge) for petroleum and natural gas, said. Simultaneously, domestic output would ... Read More »

Port of Indiana breaks all shipping records in Q1 of 2015

MUMBAI: Port of Indiana-Mount Vernon recorded the highest quarterly shipments by any port in Ports of Indiana’s over 50-plus year history during the first quarter of 2015. This was the second consecutive quarter the port broke this record. First quarter shipments increased three percent over the fourth quarter of 2014 and were up 48 percent over 2014’s first quarter. A ... Read More »

India’s iron ore exports fall 61%, imports jump 15% in March

NEW DELHI: India’s iron ore exports fell 61 percent to $63.84 million in March, country earned $165 million by exporting iron ore in the same month of last year. India’s iron and steel imports, on the other hand, jumped 15 percent to clock $1.22 billion in March from $1.06 billion a year ago. The imports surged to a record last ... Read More »

Investment promotion roadshow on Tamil Nadu global investors meet 2015

PUNE: The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indo- German Chamber of Commerce (IGCC – Pune) jointly with Government of Tamil Nadu is organizing an Investment Promotion Roadshow to share detailed information on Tamilnadu Global Investors meet 2015. The roadshow aims at highlighting the huge investment opportunities available in Tamil Nadu in the identified sectors ... Read More »

Indian exports down 21% in March against 13.5% last month

NEW DELHI: President of Federation of Indian Export Organisations (FIEO), S C Ralhan, said in a statement that trade data of March 2015 showed a decline of over 21 percent in exports and close to 13.5 percent in imports. The continuous demand slowdown in global markets and liquidity problem has been responsible for double digit negative growth in exports during ... Read More »

Rs1bln tax pending for recovery by tax, excise dept in J&K

NEW DELHI: Jammu and Kashmir government has said that over Rs 1 billion is pending for recovery from businessmen on account of taxes in the state. Around Rs. 1,283.07 crore is pending for recovery by Commercial Tax Department and Excise Department in Jammu and Kashmir till end of February 2015, officials of State Finance Department said. As per the data ... Read More »

Indian Customs confiscates 75,000 illegal sunglasses worth RS25 crore at Mumbai Port

MUMBAI: Indian customs confiscated over 75,000 pairs of counterfeit sunglasses of different international brands at Mumbai Port Trust. “We have seized 75,000 pairs of sunglasses of different brands like Ray Ban, Prada, Lacoste, etc from a container in Mumbai Port Trust that arrived from China last week,” the official of Special Investigation and Intelligence Branch of Mumbai Customs said. Based ... Read More »

Indian customs foils attempt to smuggle 183 turtles

MUMBAI: Two suitcases crammed with 183 turtles were seized by Customs at the Mumbai airport. They were being smuggled to Kuala Lumpur, Malaysia. The Customs handed over the turtles to the wildlife department. More than 45 Spotted Black Terrapin turtles, a protected species, were found wrapped with adhesive tape to restrict their movement. “These turtles are from India’s north east ... Read More »

Delhi customs arrests Peruvian national on illegally transit of 1,300g cocaine

NEW DELHI: Delhi customs has arrested a Peruvian national from the Indira Gandhi International (IGI) Airport in the Capital for allegedly trying to smuggle around 1,300 gram of banned drug cocaine into the country. Customs claim to have busted an international drug trafficking module which smuggled the banned drug into Delhi from Brazil. The seized contraband is stated to be ... Read More »

Revenue collection down due to smuggling: Deputy Minister Chanda

NEW DELHI: India Deputy Minister of Home Affairs, Gerry Chanda, said that government is concerned about the revenue losses it is incurring through rampant smuggling of goods into the country. Colonel Chanda said Government through the Zambia Revenue Authority (ZRA) is losing colossal sums of money due to smuggling. Col. Chanda said this at his office when British American Tobacco ... Read More »

Indian Mentha oil exports demand hits 4% at Rs 1,034.90/kg

NEW DELHI: Mentha oil prices spurted by 4% to hit upper limit at Rs 1,034.90 per kg as speculators engaged in enlarging positions amidst export demand in spot market. Besides, reports of damage to standing crop due to recent unseasonal rains in growing regions supported the upside. At the Multi Commodity Exchange, mentha oil for delivery in April spurted by ... Read More »

India customs seizes 6 kg gold worth Rs 1.75cr at Kozhikode airport

KOZHIKODE: In continuing haul of gold being smuggled from the gulf region, customs officials seized more than six kg of gold worth about Rs 1.75 crore and arrested two passengers at the Karipur international airport here. Air Customs Intelligence officials seized 30 gold biscuits worth Rs 95 lakh and 12 gold bars valued at Rs 80 lakh from the passengers ... Read More »

BSF seizes gold worth Rs.15 lakh near Bangladesh border

KOLKATA: The Border Security Force (BSF) seized gold and silver worth over Rs.15 lakh from near the Bangladesh border in West Bengal’s Nadia district. While five gold biscuits worth over Rs.15 lakh were seized by the troopers under Sutia border outpost, 400 grams of silver worth Rs.14,000 was confiscated from under Halderpara border outpost. In both cases, smugglers, suspected to ... Read More »

Essar Ports signs pact with Kandla Port Trust for storing imported fuel 

DELHI:  Essar Ports said it has signed a pact with Kandla Port Trust for setting up a terminal for storing imported fuel at Vadinar in Gujarat.  2 0Google +0 0 Essar Ports said it has signed a pact with Kandla Port Trust for setting up a terminal for storing imported fuel at Vadinar in Gujarat. “Vadinar Liquid Terminals Limited, a ... Read More »

India’s Goa to export iron ore after monsoon

PONDA: Iron ore exports from Goa are not likely to resume in near future due to various factors like ‘steep’ duty, upcoming monsoon season and pending regulatory permissions. “Clearances are not in place. We have monsoon season ahead when exports are not possible. Moreover, with existing export duty the iron ore exports are not profitable,” said S Sridhar, CEO, and ... Read More »