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India imports petrol, diesel from China

NEW DELHI: India, perhaps for the first time, imported petrol and diesel from China as the world’s third largest oil consumer looks at diversifying its sources of fuel. India imported 18,000 tons of petrol and 39,000 tons of diesel in the first nine months of the current fiscal, Oil Minister Dharmendra Pradhan said. “Although overall production of petrol and diesel ... Read More »

Indian wool exports likely to miss target for 2016-17

NEW DELHI: Wool and wool-blended exports from India is likely to miss target of $610 million fixed for 2016-17 due to slowdown in demand in global markets and moderation in commodity prices. The exports of wool and wool-blended products was to the tune of $328.10 million (Rs 2,204.13 crore) between April 2016 and January 17 (2016-17), down 18% in dollar ... Read More »

Customs thwarts gold smuggler, recovers 1.5kg gold worth Rs4.1m

TAMIL NADU: A 51-year-old man from Kerala was held with nearly one-and-a-half kilogram of gold plates at Coimbatore airport. Sleuths attached to the directorate of revenue intelligence (DRI) said P R Divakaran, of Changanacherry near Kottayam in Kerala, tried to smuggle the gold plates worth around Rs4.1 million in the open market concealed in a woofer box. This was second ... Read More »

India gold recycling plan fails to tempt households

MUMBAI: India’s ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal. After 16 months, temples and households have turned over just seven tonnes of gold out of the 24,000 tonnes ... Read More »

Indian inflation slightly high in February

NEW DELHI: Indian inflation likely picked up for the first time in seven months in February as rising food prices began to bite, but it remained below the central bank’s medium-term target. Prime Minister Narendra Modi’s ban on high-value bank notes in November hurt demand in the largely cash-driven economy and consumer price inflation has since been below the Reserve ... Read More »

Air India expects 10% rise in revenue in 2017

NEW DELHI: Air India’s revenue is expected to grow to Rs225.21 million in current financial year, a rise of around 10% as against last fiscal’s, on account of higher passenger earnings and increased capacity. “The national carrier is expecting total revenue of Rs225.21 million as compared to Rs205.26 million in FY 2015-16, an increase of around 9.7% over the previous ... Read More »

Indian BSF nabs smuggler possessing heroin-like powder

NEW DELHI: The Indian Border Security Force (BSF) personnel arrested one person with 200 grams of heroin-like powder from West Bengal’s Murshidabad district, a BSF official said. Acting on a tip-off on narcotics smuggling, the BSF intensified checking at the India-Bangladesh border near Murshidabad district’s Lalwangola outpost, and detained an elderly person with irrigation pipes. “Kalam Seikh (65), a resident ... Read More »

Indian AIU nabs a gold smuggler at Mumbai Airport

MUMBAI: The Air Intelligence Unit (AIU) officers, (on March 6), intercepted a man who tried to smuggle 12 gold bars, at Mumbai Airport. Reportedly, the passenger tied the gold bars to his heels with the help of adhesive and two socks. A case has been registered against the alleged smuggler, Thiruppathy Palaniyandy. Palaniyandy, an architectural supervisor by profession, had acquired ... Read More »

India’s vegetable oil imports seen flat or lower for the first time in six years

NEW DELHI: India, the world’s biggest edible oil importer, is expected to purchase about 14 to 14.5 million tons of vegetable oil this year, compared with 14.5 million tons in 2015/16. India’s booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as ... Read More »

Indian Customs seizes gold from a passenger at Hyderabad

HYDERABAD: Indian Customs officials at the Rajiv Gandhi International Airport foiled a gold smuggling bid by a passenger from Dubai. The officials seized 379 grams gold concealed in the form of six gold buttons. Based on initial intelligence, the officers of the Air Intelligence Unit seized six gold buttons weighing 379 grams kept in a gas (cylinder) regulator in the ... Read More »

Indian Tripura stops Bangladesh fish imports after formalin found

DHAKA: Indian state Tripura’s government stopped fish import from Bangladesh after traces of formalin were found in the samples collected from different markets of Agartala. “The preservative, formalin or formaldehyde, mixed with water and used for preservation of biological specimens, was found in six samples drawn from fish imported from Bangladesh,” said Tripura’s Health and Revenue Minister Badal Choudhury. “The ... Read More »

Indian GDP growth expect to grow 6.9% in current FY

NEW DELHI: India is expected to clock a GDP growth of 6.9 percent this fiscal, which is likely to recover to 7.2 per cent in 2017-18, says a Bank of America Merrill Lynch (BofAML) report. The government on February 28 pegged GDP growth at a higher-than-expected 7.1 per cent for the current fiscal. The Central Statistics Office (CSO) put the ... Read More »

India revises tax treaty with Singapore

NEW DELHI: India’s revised tax treaty with Singapore, aimed at checking round-tripping of funds, has come into force. While most clauses of the amended treaty signed on December 30 took effect from February 27, the principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from April 1. “The Third Protocol amending the ... Read More »

India imports 482 tons scrap steel during Nov2016, increased 27%

NEW DELHI: The latest statistics released by the Directorate General of Commerce Intelligence and Statistics (DGCI&S) under the Ministry of Commerce, Government of India, indicate that the country’s ferrous scrap surged higher significantly during November last year, in comparison with the prior month. This is the second straight month of increase in scrap imports by the country. The combined imports ... Read More »

India: Steel exports up three-fold in Jan

MUMBAI: India’s steel exports registered a three-fold increase to 0.889 million tonnes (mt) in January this year, compared to the year-ago month. The massive jump in exports comes amid government providing extensive support to the domestic steel industry by way of various trade remedial measures including anti-dumping. The country shipped out 5.865 mt in the first 10 months of the ... Read More »

Indian Customs nabs three gold smugglers

NEW DEHLI: Three persons arrested at the international airport for allegedly smuggling gold pieces worth over Rs4.1 million from Dubai. Air Intelligence Unit (AIU) officials seized 46 e-shaped gold cut pieces, totally weighing 1386.600 grams from a passenger from Malappuram. The gold pieces coated with silver colour were found concealed in the transformer of an amplifier brought by the passenger, ... Read More »

India urges the US to ease mango import standards

NEW DEHLI: The Indian government is petitioning the United States to lessen the current phytosanitary norms that have affected India’s exports of mangoes as there have been instances of Indian consignments of the fruit being returned by the US for alleged non-adherence to the phytosanitary norms. “A US law delegation, on a visit to India, has agreed to carry out ... Read More »

Indian Customs seizes 100kg Red Organ Pipe Corals at Indira Gandhi Airport

NEW DEHLI: The Customs officials at the Indira Gandhi International Airport (IGIA) have seized over 100 kilogram Red Organ Pipe Corals from an Afghan national, who was trying to smuggle these endangered corals into the country. Officials said the corals, with a high ornamental value, are one of the most traded rare species of corals. The accused landed at the ... Read More »

Grape export up 24% by mid-February

NEW DELHI: Grape export from the country’s wine capital has increased by 23.71% by February 20 during the 2016-17 grape season (December-April) as compared to the figures during the same day last year. Sources in the agriculture department said the district exported 29,784 tonnes of grapes by February 20 during the current season as against 24,074 tonnes exported during the ... Read More »

India’s diamond trade rebounds back

NEW DELHI: Diamond trading in India improved in January, according to official data, as the country’s manufacturing sector continues to recover from a liquidity squeeze in the final months of last year. Imports of rough diamonds, an indicator of demand from India’s large cutting-and-polishing sector, jumped 28 percent to $1.26 billion during the month, according to the Gem & Jewellery ... Read More »