CBIC orders release of imports without delay

Industry was facing delays in release of consignments and denial of free trade agreement benefits with authorities questioning value addition in third-party invoicing, ET reported on June 8.

India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. […]

Importers of pulses in India have urged the central government to impose an import duty on yellow peas due to the adverse impact of inexpensive imports on domestic market prices. Expressing worry over importers withholding significant quantities of yellow peas imports in domestic markets, the central government recently intensified stock disclosure regulations for the pulses […]

In May, China’s exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.

CBIC introduces electronic disbursement of duty drawback amounts to exporters’ bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.

India has taken Australia to arbitration at the WTO over changes to services commitments, impacting trade. The new regulations aim to lower global trade costs by $125 billion.

India’s import of refined products from Russia increased by 14% in May, with naphtha imports tripling. State-run refiners brought in 77% more Russian products, but imports were lower than China and Europe.

India’s agricultural markets are under scrutiny as a new government prepares to take office, potentially impacting global food prices. Prime Minister Modi’s policies aimed at ensuring domestic supplies have influenced key crop exports. Changes post-election could affect rice, wheat, and sugar markets, with industry leaders seeking policy shifts to address supply and demand challenges.