ICG successfully rescued 14 crew members after JSW maritime vessel ran aground off Raigad’s Kolaba Fort
India’s first integrated agri-export facility to come up at Jawaharlal Nehru Port, Mumbai
1 year ago
The Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, approved a significant project for the Jawaharlal Nehru Port Authority (JNPA) valued at Rs. 284.19 crore. This project aims to develop an Export-Import cum Domestic Agricultural Commodity-Based Processing and Storage Facility at JNPA, to be executed on a Public-Private Partnership (PPP) model.
India’s trade deficit with China grew at a slower pace from 2014-15 to 2023-24 compared to the previous decade, highlighting government efforts to control excessive imports. Exports to China stood at $16.65 billion, with imports at $101.75 billion. Minister Piyush Goyal noted improved electronic components and mobile phone import reduction due to government’s initiatives.
Govt eases norms for EPCG license holders
1 year ago
The government eased norms for the Export Promotion Capital Goods (EPCG) scheme to boost ease of doing business. Licence holders now have three years to submit a certificate from customs authorities confirming machine installation after importing. Earlier, they had only six months.
India has ended its silver and platinum imports from the UAE due to removal of concessionary duties, as per a recent trade agreement. The cessation follows New Delhi’s decision to reduce import taxes, diminishing the duty arbitrage bullion dealers had been exploiting. On Tuesday, the world’s second-largest bullion consumer cut import duties on gold and […]
Various inputs used in the manufacture of shrimp and fish feed will now enjoy customs duty exemptions, MPEDA said, adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty.
India and UK launch tech initiative as new British foreign minister makes his first official visit
1 year ago
India and the United Kingdom launched a new technology security initiative during the British foreign secretary’s first official visit to India, aiming to enhance economic growth and collaboration. The agreement involves cooperation on critical technologies like AI and telecoms, as well as strengthening ties in areas such as climate, trade, and education. Discussions also focused […]
Ship leasing in GIFT city to get a boost from variable capital company structure proposal
1 year ago
The central government’s upcoming ship owning and leasing entity is set to gain from new permits for companies with a variable capital structure, as announced in the Union Budget 2024-25. Initiatives such as this are part of broader reforms aimed at revitalizing the Indian shipping industry, which has seen a decline in its share of […]
In a step to streamline imports under Free Trade Agreements (FTA), the Indian government has proposed accepting self-certification to prove the origin of goods, replacing the requirement of a certificate of origin. This change was proposed through an amendment in the Customs Act in the FY25 Budget, aiming to update the language from “certificate” to […]
The Central Board of Indirect Taxes and Customs (CBIC) Chairman said that the duty was hiked in July 2022 as at that time there was a worsening current account deficit (CAD) due to the geo-political situation.