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Customs seeks height clearance for its HQ at Gannavaram

GANNAVARAM: The Customs Preventive Commissionerate (CPC) here applied to the Airports Authority of India (AAI) for height clearance of nine metres for its headquarters building coming up opposite the Gannavaram airport. The AAI is expected to give its nod in a few weeks thereby paving the way for construction of a new CPC building which will be spread over 11,500 ... Read More »

Indian horticulture exports may gain in long term from Brexit

PUNE: Brexit is not likely to have any significant immediate impact on India’s horticultural exports to Europe and the UK.  However, there could be some gains in the long term in terms of duties and less stringent phytosanitary norms. Among India’s total horticultural exports to the Eu, grapes hold highest share.  The depreciation of Pound against Indian Rupee by about ... Read More »

Black money window: Income tax dept publishes list of asset valuers

NEW DELHI: The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month. The exhaustive list, uploaded on the official web portal of the department, includes valuers of immovable property, jewellery, plant and machinery, stocks, ... Read More »

India imports cotton from Pakistan as domestic prices climb

MUMBAI: India, the world s biggest cotton producer, has contracted to import 20,000 bales from Pakistan for shipment this month after Indian prices jumped because of limited supply, industry officials told Reuters. The move is a role reversal from earlier this year, when Pakistan was buying cotton from India after its output had been hit by bad weather. “Around 20,000 ... Read More »

India plans to import 500,000 tons of corn to overcome shortage

NEW DELHI: India is considering importing an extra 500,000 tonnes of duty-free corn to overcome a shortage after a second straight drought cut output, a government source said on Wednesday. India is traditionally a major corn exporter to Southeast Asia, but higher local prices because of the drought and rising domestic demand have halted exports and forced it to import. ... Read More »

CBI officer convicted in customs duty evasion case

CHENNAI: A Deputy Superintendent of Police in the CBI serving in New Delhi, and two others were convicted and sentenced to two years imprisonment by a special court here on Tuesday for cheating the Customs Department by not declaring dutiable goods brought from the U.S. According to the prosecution, DSP K.A.A. Salaam, then working in the agency’s Anti-Corruption Branch in ... Read More »

Vigilance enquiry into missing gold from customs vaults

NEW DELHI: The CBEC’s vigilance wing has been asked to probe the disappearance of gold worth about Rs 9 lakh from Customs vault at the Indira Gandhi International Airport (IGIA) here. The Central Board of Excise and Customs (CBEC) has sought a report from the IGIA Customs explaining the circumstances in which gold seized from smugglers had disappeared, official sources ... Read More »

CM chooses new location for port

WEST BENGAL: Rejecting the erstwhile Left Front government’s proposal to develop a port near Rasulpur, the Mamata Banerjee government has come up with a new proposal to develop a minor port between Tajpur and Sankarpur – a three-kilometre stretch near Digha. Finance minister Amit Mitra said the new port would not only be cost effective but would also be better ... Read More »

India gold imports plummet for fourth consecutive month in May

MUMBAI: India gold imports plummeted for the fourth consecutive month in May by nearly 40% to $1.47 billion, which is expected to keep a lid on the country’s current account deficit. Gold imports stood at $2.42 billion in May 2015. The sliding prices of gold in both global and domestic markets are seen as a contributory factor for the plunge. ... Read More »

Govt slaps 20% export duty on sugar to check prices

NEW DELHI: Government  imposed 20 percent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg. The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses. “To keep the domestic prices of sugar under check, the government has decided to impose export ... Read More »

India extends 25 per cent tax on wheat imports: Ram Vilas Paswan

NEW DELHI: India has extended a 25 per cent tax on wheat imports, the food minister said on Friday, to help curb cheap shipments with domestic stockpiles rising at the world’s second-biggest wheat producer. India in March extended the 25 per cent import tax on wheat by three months to June 30. The government has approved a further extension of ... Read More »

India extends 25% tax on wheat imports

NEW DELHI: India has extended a 25 per cent tax on wheat imports, the food minister said on Friday, to help curb cheap shipments with domestic stockpiles rising at the world’s second-biggest wheat producer. India in March extended the 25 per cent import tax on wheat by three months to June 30. The government has approved a further extension of the ... Read More »

South Korea to import Indian Mangoes from July

SEOUL: South Korea will begin importing Indian mangoes from July, a move which could significantly boost exports of the summer fruit. Ambassador of Korea to India Hyun Cho said that from next month “Korea will start importing Indian mangoes”. According to an industry expert, there were certain grey areas in sanitary and phyto-sanitary issues which have now been resolved by both ... Read More »

Govt to import 6.5 lakh tonnes of pulses to check soaring prices

NEW DELHI: The government on Thursday ordered import of 6.5 lakh tonnes of pulses, the highest so far, to tide over the problem of soaring prices that’s hurting household budgets. It’s also looking at the possibility of leasing land in Mozambique to grow pulses. The consumer affairs ministry has asked states to ” resort to all possible means ” to ... Read More »

Modi calls on Indian tax collectors to widen net

New Delhi: Indian Prime Minister Narendra Modi has called on the country’s tax collectors to double the number of people who pay income taxes to 100m to raise more revenues for the country’s development. Only 4 per cent of India’s approximately 1.3bn people pay income tax, far below the 23 per cent that the country’s last economic survey argued would ... Read More »

Drones to check red-sander smuggling

ANANTAPUR: The police department has proposed using drones and vehicle scanners to check red-sander smuggling from Seshachalam forest in Rayalaseema region following rise in the number of wood-cutters from Tamil Nadu and they daring to attack forest and police officials in the forest. Drones can detect movement of the wood cutters in the deep forest. Vehicle scanners can curb illicit ... Read More »

Merchandise exports fall marginally in May

NEW DELHI: After months of fall, India’s exports looked to be stabilising. In May, outward shipments declined marginally in dollar terms, but posted a small increase in rupees, suggesting that the worst may be over. Merchandise exports fell 0.79% from a year ago, the smallest decline in 18 months, to $22.17 billion, while imports shrank 13.16%, the slowest since June ... Read More »

India, Thailand to firm up maritime security cooperation

BANGKOK: India and Thailand are set to firm up cooperation to combat terrorism, and boost maritime security, defence ties and trade during Thai Prime Minister General Prayuth Chan-ocha’s maiden visit to India, officials said on Wednesday. The Thai premier will hold talks with Prime Minister Narendra Modi during his three-day visit beginning tomorrow. The two countries will issue a joint ... Read More »

India gold imports decline 39% to $1.47 bln in May

NEW DELHI: Gold imports contracted for the fourth consecutive month in May by 39.14 per cent at USD 1.47 billion, which is expected to keep a lid on the country’s current account deficit. The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge. Gold imports stood at USD ... Read More »

Palm oil imports fall 28% on higher stock, lower demand

NEW DELHI: Palm oil imports fell by 28 per cent to 657,454 tonnes in May, in view of higher stock availability and sluggish summer demand, industry body Solvent Extractors’ Association (SEA) said on Tuesday. India, the world’s leading vegetable oil buyer, had imported 907,347 tonnes of palm oil in May last year. Palm oil make up more than 65 per ... Read More »