Govt eases conditions for silver import
Advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product. The changed conditions are applicable to silver powder, plates and sheets, and unwrought silver, among others. India imported $2.5 billion of silver in these forms in the April-January period.
Petrochem, Chemical imports likely to face 15% Covid tax
The commerce department is yet to take a stance on the issue and is awaiting a forma...
Pakistan lifts ban on import of Indian drugs
ET has learnt that Pakistan government has lifted the ban on import of medicines and raw materia...
India initiates anti-dumping probe into imports of polyester yarn from 4 countries
India has initiated a probe into alleged dumping of polyester yarn, used in the garment industry, from China, Indonesia, Nepal and Vietnam, a move aimed at guarding domestic players from cheap inbound shipments. The probe was launched following a complaint by eight domestic manufacturers, including Suryalakshmi Cotton Mills and Suryalata Spinning Mills.
As edible oils pact with Malaysia, Indonesia ends, India should now hike import duties: SEA
The Solvent Extractors Association of India (SEA) also urged the government to ban the import of refined palm oils or palmolien in order to encourage domestic production. These are some of the short-term measures the trade body has submitted to the government for making India self-sufficient in edible oils.
Govt mulling introduction of import substitution policy: Gadkari
The Minister for MSME and Road Transport and Highways said a policy on import substitution is being thought of in the wake of the economic situation created by the COVID-19 pandemic. Gadkari said the industry may not be shut for a long time, and several relaxations could be given by the end of May.
Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank
The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended.
India may impose anti-dumping duty on certain kind of fibre boards imported from Vietnamese company
The companies filed an application before the ministry's Directorate General of Trade Remedies (DGTR) for initiation of anti-dumping investigations on imports of plain medium density fibre board having thickness of 6 mm and above produced by Kim Tin MDF Joint Stock Company, Vietnam.
Govt suspends 39 licences for import of 4.55 lakh tonne of refined palm oils
To check illegal inbound shipments, refined palm oil was put under restrictive list of import on January 8 this year and companies were required to take licence for import from the Directorate General of Foreign Trade (DGFT) under the aegis of the Commerce Ministry.
Commerce ministry cuts import quota for green peas
Last year, the quota for import of yellow and green peas was 1.5 lakh tonne. According to a trade public notice of the Directorate General of Foreign Trade (DGFT), there is no quota for import of yellow peas for the current fiscal.
Covid-19 crisis has highlighted e-commerce importance,cooperation in cross-border goods, services movement: WTO
Highlighting that network capacity and higher bandwidth services have proved to be crucial, not only during the pandemic itself, but also for e-commerce and economic inclusion in general, it said in an information note: “What can WTO members do to improve communications networks and services?”
India tightens curb on import of refined palm oil
As per new conditions, the applications for import authorisation should be accompanied with pre-purchase agreement and details of the import for past three years.
Edible oil industry wants import of refined palm oil to be restricted
The government should not issue licenses for import of refined palm oil to companies to protect local refiners and oilseed growers, said edible oil associations and analysts.
Gold imports dip 14.23% to $28.2 billion during 2019-20
The decline in gold imports has helped in narrowing the country's trade deficit to $ 152.88 billion during the last fiscal, as against $ 184 billion a year ago. Gold imports have been recording negative growth since December last year. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
India’s crude oil import bill fell 9% to $102 billion in 2019-20
Natural gas import bill shrank nearly 8% to $9.5 billion as global prices fell, although in volume terms, imports rose 17% to 33.7 billion cubic meters in 2019-20, according to the official data.
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