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3.7kg of heroine confiscated by India’s Narcotics Control Bureau, two arrested

KOCHI: Two people were caught by The Narcotics Control Bureau (NCB) involved in smuggling 3.7kg of heroin. The bureau countered third smuggling attempt the present week. The heroin was seized from Johnson M.T., 58, and Francis T.A., 53, both residents of Thrissur, from Panikkal in Ernakulam, in the wee hours of Friday. NCB officials said the accused were trying to ... Read More »

APA to reduce conflicts over sharing of taxes between India and Japan

NEW DELHI: APAs will improve investment climate in the country. In the context of growing economic ties between Japan and India, especially after Prime Minister Narendra Modi’s visit to Japan, this APA is expected to generate positive sentiments among Japanese investors in India. Mitsui is one of the largest general trading companies of Japan operating in diverse businesses including infrastructure ... Read More »

Indian DRI nabs four smugglers, seizes 28kg gold worth Rs7 crore

BENGAL: Indian Directorate of Revenue Intelligence (DRI) has seized 28 kg of gold, valued at over Rs.7 crore in the international market and arrested four smugglers, including two from Nepal at West Bengal town here the other day. A DRI official said. Directorate of Revenue Intelligence (DRI) sources said the seized yellow metal included 23 gold bars – each weighing ... Read More »

New GST bill termed biggest tax reform in India: Finance Minister

NEW DELHI: Indian Finance minister Arun Jaitley introduced the much awaited bill in Lok Sabha to amend the Constitution for introduction of goods and services tax (GST), which he described as the biggest tax reform in Independent India. It raised the prospects of an ordinance to amend the insurance Act in case opposition parties don’t let the government discuss the ... Read More »

Indian Customs delays clearing of food items worth Rs 2000 crore

MUMBAI: Restaurant managers in star hotels across the country have faced a tough time serving continental dishes such as lamb rack, Norwegian Salmon and cooked caviar because of the short supply of imported sauces, cheese and other condiments. Since January, many of crucial ingredients were stuck with the Customs Department at various ports. The Department cannot clear these goods because ... Read More »

Indian GST Bill to bring biggest tax reform since Independence

NEW DELHI: The Goods & Services Tax Bill has been introduced in the Lok Sabha on Friday. The bill aims to provide a major taxation reform by introducing a national sales tax that will replace a large number of overlapping state duties that deter investment. Finance Minister Arun Jaitley said interests of all states will be taken care of. The ... Read More »

Incorrect tax information in 367 cases leads to Rs 2,813.11 crore loss in India

NEW DELHI: Coming down heavily on Chartered Accountants, a CAG report today said their failure to submit correct tax information resulted in levying of lower taxes by as much as Rs 2,813.11 crore in 367 cases surveyed. We found cases where the CAs failed to report full and correct information in 367 cases leading to short levy of taxes of ... Read More »

Indian rupee surges 51 paisa against dollar by break

NEW DEHLI: Indian rupee strengthened till midday on Friday versus US dollar. Indian currency rose 51 paisa or 0.80 percent against dollar to trade at 63.11. Rupee has observed a high of 63.11 and a low of 63.38. Its 52-week range was 58.34-63.89. The Dollar index, a measure of the value of the US dollar relative to a basket of ... Read More »

Indian rupee 40 paisa higher vs dollar in early morning

MUMBAI: After the long period of weakness, the rupee strengthened by 40 paisa to 63.21 versus the dollar in early morning on Thursday at Interbank Foreign Exchange on surged selling of US currency by exporters and bank between higher starting in the domestic equity market. Forex dealers said besides selling of the American currency by exporters, gains in other currencies ... Read More »

Indian customs seizes 1000kg gold worth Rs250 crore in 2014

MUMBAI: Mumbai customs seizes Total 1,000 kilogram gold worth around Rs 250 crore, previous best was 346 kg in 2013. Credit goes to team of 100 officers who put in extra hours, Asst Commissioner of Customs Kiran Karlapu said. Mumbai Customs officers have just set a record by seizing 1,000 kg of gold at Chhatrapati Shivaji International Airport this year. ... Read More »

Indian rupee value hits new 13-month low

MUMBAI: The rupee punched a new 13-month low on Wednesday, while bonds and shares dropped to their weakest this month on concerns that brewing monetary disaster in Russia would spark foreign selling even in India, one of the star performers among emerging markets this year. Overseas investors sold shares worth $196.56 million on Tuesday, their biggest daily net sales since ... Read More »

Worst Indian government polices cause increase in gold smuggling

AHMADABAD: The smuggling of gold rapidly increase in India, and various agencies continuously seized the gold. In 2014, central agencies like Directorate of Revenue Intelligence (DRI) and Customs department have caught 160 kg gold in state, as compared to 17 kg in 2013 and just five kg in 2012. Around 52 major cases of gold smuggling have been detected and ... Read More »

Swallowing gold: 2 smugglers admitted in Chennai Hospital

CHENNAI: Two smugglers were admitted to the Rajiv Gandhi Government General Hospital after they had attempted to smuggle gold biscuits into the country by swallowing them, today morning. The men identified as Kamaluddin (50) and Hussein (40) had swallowed 22 gold biscuits. One of the patients passed 10 gold biscuits and the other one 11. The hospital is waiting for ... Read More »

12 suspected Indians involved in smuggling drugs from China sent on trial

CHENNAI: Twelve persons caught smuggling drugs without any registration certificate and import license from Central Drugs Standard Control Organization, Chennai were sent on trial to Judicial Custody for 15 days. CBI sources told Express that of the 12 arrested, four are importers of the drug from China while the eight are custom house agents. They include Ramlal Jain, proprietor of ... Read More »

Indian JNPT attains 60pc shares of Iran’s Chabahar Port projects

TEHRAN: Jawaharlal Nehru Port Trust (JNPT) acquired 60% shares of port projects in Iran. An Indian company has to be formed for the proceeding of Chabahar Port in southeastern Iran, for which JNPT will have the maximum shares, while the rest will be with Kandla Port Trust (KPT) The Special Purpose Vehicle (SPV) is likely to be named Indian Ports ... Read More »

Indian BSE Sensex falls below 27,000 points as rupee hits 13-month low

MUMBAI: The benchmark BSE Sensex fell below 27,000, while Nifty weakened past 8,100, tracking weakness in the rupee that hit 13-month low against the dollar after India’s trade deficit widened. Investor sentiment was also muted on weakness in global markets and falling international crude oil. In intra-day trade, the the 30-share Sensex shed 474 points, or 1.74%, to trade at ... Read More »

Drug smuggling from China: Indian CBI special court remanded 12 smugglers

CHENNAI: The CBI special court were remanded twelve persons involved in smuggling of drugs into India without registration certificate and import license from Central Drugs Standard Control Organization, Chennai to judicial custody for 15 days. CBI sources told that of the 12 arrested, four are importers of the drug from China while the eight are custom house agents. They include ... Read More »

Indian rupee continues its fall for 5th day, down by 12 paisa against dollar

MUMBAI: The rupee continued to fall for fifth day and lost 12 paisa against the dollar in early trade at a fresh 10 month low of 62.45 today at the Interbank Foreign Exchange due to sustained demand for the American unit from importers. Forex dealers said apart from dollar’s gains against other currencies overseas on upbeat US retail sales data, increased ... Read More »

Tata Power amalgamates joint venture to invest in Russian energy assets

MUMBAI: Tata Power has annex with the Russian Direct Investment Fund (RDIF) to invest in energy assets in the world’s sixth largest economy, as it looks to rev up growth. This is perhaps the first time a Tata company has partnered with a fund to enter a new geography and explore investment opportunities. Tata Power, among the last big Tata ... Read More »

20 pacts signed: Russia to build 12 nuke reactors in India by 2035

NEW YORK: Russia is going to build at least 12 nuclear reactors in India by 2035 and agreed to manufacture advanced helicopters as both countries today signed 20 pacts in oil, gas, defence, investment and other key sectors to futher ramp up their strategic cooperation. Prime Minister Narendra Modi and Russian President Vladimir Putin, in their annual summit, vowed to ... Read More »