| S Korea, India formalise free trade pact | 06-NOV-09 |
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| South Korean Parliament today ratified its free trade agreement with India, paving the way for a cut or elimination of tariff on a number of items, including automobile parts from January. |
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| Import duty on rice scrapped till Sept 2010 | 27-OCT-09 |
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| The Centre has scrapped import duty on rice till September 2010 to augment domestic supply, as the twin-impact of drought and floods have deepened fears of a dip in output by as much as 16 million tonnes this year. |
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| US imposes 35% duty on Chinese tyres | 13-SEP-09 |
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| US President Barack Obama has imposed a whopping 35 per cent additional import duty on Chinese tyres in a bid to protect the domestic market, drawing the ire of Beijing which described the measure as “protectionist” and violation of WTO rules. |
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| Govt may scrap rice import duty till September 2010 | 08-SEP-09 |
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| The Centre is believed to have decided to abolish import duty on rice to augment supply in the domestic market, after drought in about half the country stoked fears of a fall in production of the food grain. |
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| Vegetable oil import frenzy subsides in July | 14-AUG-09 |
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| Amid apprehensions that the government may not levy import duty on vegetable oil imports as demanded by the industry in order to avoid inflationary pressure, the commodity’s import stabilised in July after logging a sustained growth of 66.5 per cent during the first eight months of the current oil year (November-October). |
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| No hike in import duty on steel for now: Govt | 08-JUL-09 |
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| Steel Minister Virbhadra Singh today said there is no case for a hike in import duty for steel products even as the industry has been demanding a 20 per cent increase from the present 5 per cent. |
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| Import duty on edible oil should have been hiked: SEA | 08-JUL-09 |
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| The oilseeds sector has expressed disappointment with the Union Budget, which has not increased the Customs duty on the commodity. This, it claims, will discourage farmers from bringing more area under oilseeds. |
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| Gold import duty hike may spur smuggling: WGC | 07-JUL-09 |
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| The hike in import duty on gold could spur smuggling of the precious metal, especially during the festivals when the demand soars, the World Gold Council (WSG) warned today. |
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| Relief to local firms: Duties stay stable | 07-JUL-09 |
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| In order to provide a stable import duty framework to industry, Finance Minister Pranab Mukherjee has tried to maintain the overall rate structure for customs duties, as well as for central excise and service tax. The government was expected to reduce the peak customs duty from 10 to 5 per cent, but deferred the move to resuscitate the domestic industry, reeling under the global economic downturn. |
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| Refineries seek import duty cut on raw gold | 03-JUL-09 |
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| National Spot Exchange Ltd, an associate of the country’s largest commodity exchange the Multi Commodity Exchange (MCX), has urged the government to waive two per cent customs duty on raw gold imports for stimulating domestic refineries. |
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