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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 »

Mumbai customs delays Air India flight on suspicion of gold smuggling

MUMBAI: The Mumbai customs officials deferred Air India flight and delayed it for 45 minutes, on suspicion that it was carrying smuggled gold. An Air India flight was delayed by 45 minutes after Mumbai Customs officials delayed its take-off procedure on suspicion that it was carrying smuggled gold. Eventually, it turned out to be a misunderstanding, since officials had already ... Read More »

US steel industry accuses WTO of favouring India

WASHINGTON: The American steel industry loudly criticised a WTO ruling against the US imposing high duty on imports of certain Indian steel products, an order India hailed as a “significant victory” that will help its domestic manufacturers and exporters. “The WTO decision today significantly weakens the effectiveness of US trade laws,” said Thomas J Gibson, CEO and president of American ... Read More »

Indian seeks FTA with Russian-led Customs union

New Delhi: India will raise the issue of starting work on a free trade agreement with the Customs Union – comprising Russia, Kazakhstan and Belarus – when Russian President Vladimir Putin arrives in New Delhi later this week. According to the sources, that India will egg on Moscow to steer the process for a comprehensive economic cooperation agreement (CECA) within ... Read More »

U-turn on economic policy spurs gold smuggling in India

MUMBAI: India’s gold jewellery market might resume “normality” after facing the difficulties due to government’s highly controversial economic policy. The government withdrew controversial policy, yesterday which in turn, dramatically increased gold smuggling. In a statement issued on Friday 28 November, the Reserve Bank of India announced, “It has been decided by the Government of India to withdraw the 20:80 scheme ... Read More »

FTA with Customs Union on the table during Putin visit

NEW DELHI: India will take up the issue of starting work on a free trade agreement with the Customs Union – comprising Russia, Kazakhstan and Belarus – when Russian President Vladimir Putin arrives in New Delhi later this week. According to the sources, that India will egg on Moscow to steer the process for a comprehensive economic cooperation agreement (CECA) ... Read More »

India wants FTA with customs union, eyes Russian help for CECA within EEC

NEW DEHLI: India want to take up the issue of starting work on a free trade agreement (FTA) with the Customs Union(CU) comprising Russia, Kazakhstan and Belarus when Russian President Vladimir Putin arrives in New Delhi later this week. A senior official told that India will egg on Moscow to steer the process for a comprehensive economic cooperation agreement (CECA) ... Read More »

Two Indians arrested for evading customs

KATHMANDU: Two Indian nationals named Amit Kumar Gulahi aged 33 and Bindar Singh aged 66 were caught while they were trying to escape customs from Kalanki of KMC-14. At least 90 mobile phones were taken in custody. According to police, the duo has been identified. Amit Kumar Gulahi is from Motihari and Bindar Singh is from New Delhi of India. ... Read More »