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Int’l gangs found involved in CFIC smuggling in India through Indo-Nepal border

NEW DELHI: International gangs are involved in smuggling of counterfeit Indian currency (CFIC) in India through Indo-Nepal border and Bangladesh borders and they have increased their activities in the past five months. Notorious old players of this trade who are behind bars are throwing tough challenge through their newly recruited members. Another cause to worry is that many of the ... Read More »

India’s Shapoorji Pallonji wins $525m Kuwait University construction deal

KUWAIT CITY: Indian conglomerate Shapoorji Pallonji has announced that it has won the contract to build, operate and maintain the colleges of social science, law and Sharia and Islamic studies, for Kuwait University. Valued at just under KD150 million ($525 million) and with a contract period of 42 months, the deal also includes work on the prayer areas and faculty ... Read More »

Afghan national among two held for smuggling gold at airport

KABUL: Indian Customs arrested two men in two separate incidents, including an Afghan national for smuggling gold worth 40 lakh at international airport. In the first incident, an Afghan national was intercepted by customs officials after his arrival here on Sunday from Dubai. He had allegedly tried to clear gold weighing 844 gm out of the airport without declaring it, ... Read More »

India cuts 30-25% tax rate to urge faster growth in economy

NEW DELHI: India cut 30 to 25 percent tax rates to urge faster growth in Asia’s third biggest economy. Finance Minister, Arun Jaitley, unveiled his government’s first full budget after storming to power at last year’s general elections on a pledge to reform and revive the economy. In a bid to win over investors disappointed by last year’s interim budget, ... Read More »

Indian steelmakers suffer losses as shares drop 6.7% on uncertainty over import duty hike

MUMBAI: Indian steelmakers mostly fell amid uncertainty whether the government would raise import duties on the alloy and whether any increase would be enough to protect the industry. Shares in Jindal Steel and Power fell as much as 6.7 percent, while Tata Steel and JSW Steel also underperformed the broader NSE index which rose 0.62 percent to close at a ... Read More »

Sensex gains 262 points in early trade

MUMBAI: Bombay stock exchange (BSE) Sensex, get 262 points and National Stock Exchange of India (NSE) Nifty regained 8,900-mark in early trade of stock market session ahead of union budget 2015-16. The 30-share index of the Bombay Stock Exchange, which zoomed 473.47 points in the previous session on the back of robust growth projections in the Economic Survey, gained 262.33 ... Read More »

Workers protest at Vizag Port against corporatization

NEW DELHI: A section of employees of Visakhapatnam Port Trust has announced protest at Vizag Port against corporatization of major ports of country converting into companies as per Companies Act. Taking strong exception to transform major ports into landlord ports, workers owing allegiance to CITU-affiliated United Port and Dock Employees’ Union and Visakhapatnam Dock Workers’ Union staged a dharna in ... Read More »

Indian experts predict rise in smuggling on failure of 20,000 tonnes of gold monetization

KOLKATA: Experts predicted that Indian households hold nearly 20,000 tonnes of yellow metal and if Finance Minister, Arun Jaitley’s gold monetisation scheme fails then gold smuggling will continue through illegal route. Gold import attracts 10% duty and despite several representations by the industry, Jaitley did not reduce it in the budget announced on Saturday, raising fears that unofficial gold supply ... Read More »

Indian farmers to pay 25% more for smuggled fertilizer

BALASORE: Indian farmers are forced to pay 25 percent more for smuggled fertilizer as administration has turned a blind eye to illegal activities. Subsidized fertilizer and pesticides from Baliapal, Basta, Jaleswar, Bhogarai, Remuna, Nilagiri and Sadar blocks of the district are being smuggled to West Bengal in trucks, tractors and pick-up vans through NH-60 and Basta-Kamarda route via Baliapal. While ... Read More »

Indian govt announces to raise 40% customs duty on vehicles

DELHI: Finance Minister, Arun Jaitely, said that government has announced to increase 40 percent customs duty on commercial vehicles from current 10 percent. However, on the brighter side, to give a boost to the government’s green theme he has waived off duty on electric & hybrid vehicles. Furthermore, Finance Minister has allocated Rs 75 crore for electric vehicles. Auto analysts ... Read More »

India hikes customs duty by 25% on cigarettes under 65mm

NEW DELHI: Finance Minister, Arun Jaitley, said that government has hiked customs duty by 25 percent on cigarettes under 65 mm and 15 percent on other kinds of cigarettes. Historically, duties on cigarettes tended to move in tandem with wholesale price inflation, but since FY13 this has changed to rates that are closer to nominal GDP growth. This explains why ... Read More »

Indian Customs seizes 1.29kg gold smuggled from KSRTC bus at Adoor

KASARAGOD: Indian Customs has seized 1.29 kilogram gold from KSRTC bus that was coming to Kasaragod from Bengaluru at Adoor. Customs said they have got clues about the identities of the persons who were behind smuggling of gold through two persons by a KSRTC bus from Bengaluru to Kasaragod, after sending it from Dubai to Bengaluru. Four men were rested ... Read More »

Smuggling rise 15% annually to reach Rs 1.6 trillion by 2016 in India: Ficci

MUMBAI: Counterfeiting and smuggling activities have been increasing at an annual rate of 15% in the country and would cost government Rs 1.6 trillion by 2016, revealed the Federation of Indian Chambers of Commerce and Industry’s (Ficci) anti-counterfeiting committee. The revelation was made during a 90-minute programme held by the Committee against Smuggling and Counterfeiting Activities Destroying the Economy (Cascade) ... Read More »

Indian govt not willing to give Portland to private builders

NEW DELHI: Indian Union Shipping Minister, Nitin Gadkari, said that government will not give Portland to private builders and they will not be displaced fishing community as part of the Mumbai Port Trust (MbPT) land redevelopment plan. He assured the fishing community that there are no proposals to relocate any of the fishermen colonies as part of port land redevelopment ... Read More »

Indian experts demand tax benefits for education sector

NEW DELHI: Indian experts demanded to government tax benefits for education sector which is the backbone of country’s economy. The key expectations from Budget include the following: easing the rules applicable to educational institutions raising overseas low cost funding, introducing income-tax holiday benefits for entities engaging in development of educational infrastructure, expanding the ambit of service tax exemptions for input ... Read More »

Indian Customs arrests constable involved in cattle smuggling

DELHI: Indian Customs have arrested a Police constable, Vinod Yadav, who was involved in cattle smuggling into country. Customs officials said that Vinod, posted at Mehdawal police station since many years. Additional Superintendent of Customs, Rohan Kanay, said that a few days ago, a truck loaded with cattle was caught and the driver was arrested. Official said that they had several ... Read More »

West Bengal decides to retain tax policy for 2015-16

KOLKATA: West Bengal government has decided to retain tax policy in 2015-16 budget and major target of budget on rural development. Finance Minister, Amit Mitra, proposed while presenting the Budget for FY16, the distribution of 40 lakh cycles amongst students in two years and enhancement of scholarship under ‘Kanyashri’ scheme from ₹500 to ₹750, providing financial assistance of ₹10,000 to small ... Read More »

India eyes free trade pact with Russia-led Customs Union

DELHI: Indian Deputy Minister of Commerce and Industry, Rajeev Kher, said that India is looking for a free trade pact with Customs Union of Russia. Russian-Indian working group which was established in November 2014 will consider the negotiating of a comprehensive free trade agreement between India and the Customs Union. Kher said the working group would put forward proposals within ... Read More »

Iran’s Chabahar Port project looks forward to Afghanistan, India response

TEHRAN: Iran wanted a new trilateral transit deal between Iran, Afghanistan and India on Chabahar Port project that is close to completion. Iranian Ambassador to Afghanistan, Mohammad Reza Bahrami, said that deal has been signed off by Iranian officials and awaits approval of Afghanistan and India. He called the port beneficial for the three concerned nations and said the port ... Read More »

Indian Supreme Court to reduce Rs450b stuck in tax litigation

DELHI: Indian Supreme Court has decided to reduce Rs 450 billion in tax litigation. Annual report of ministry of finance for the fiscal year 2013-14 the quantum of money stuck in tax appeals of Rs 3 lakh crore and these appeals are stuck at only the commissioner level. “Tax demand of more than Rs 4 lakh crore is under dispute and ... Read More »