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Reduction in customs duty on imported cars under the India-EU free trade agreement could enable the growth of the luxury car segment in India, which currently remains minuscule, BMW Group India President and CEO Hardeep Singh Brar said on Monday. The domestic luxury car segment accounts for just 1 per cent of the overall passenger vehicle segment. The India-EU Free Trade Agreement would be a historic milestone benefiting both sides by expanding trade and enabling deeper exchange of technology and innovation, Brar said in a statement. "From an automotive industry perspective, we hope the FTA will include balanced, win-win provisions that help stimulate demand in the luxury segment while strengthening supply chain integration which is especially important in the current geopolitical context," he added. If customs duties on completely built units are reduced, it would help expand the luxury car market in India, Brar stated. "While CBUs (completely built units) currently account for a
The Customs department at the Kempegowda International Airport on Friday issued a high alert for the public after detecting a fraud racket in which impostors posing as Customs officials are cheating people and extorting money from them. According to the Customs, fraudsters are targeting innocent citizens, particularly those from the economically weaker sections, by exploiting their fear and urgency through phone calls, social media and messaging platforms. The scammers falsely claim that a passenger arriving from abroad has been detained by Customs and demand immediate payment to resolve the issue. Warning the public against falling prey to such tactics, the Customs commissioner said, Customs officials never contact people via phone, WhatsApp, or social media to demand payments of fines or penalties. Moreover, we do not accept money into personal bank accounts. All official payments to the government are made only through authorised counters or online portals with proper ...
The Delhi High Court on Friday sought a response from the Customs department on a plea by InterGlobe Aviation, which operates the IndiGo airline, seeking a refund of more than Rs 900 crore paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. A bench of Justices V Kameswar Rao and Vinod Kumar issued the notice to the deputy commissioner (refund), office of the principal commissioner of Customs, Air Cargo Complex (Import), and asked the authorities to file a counter affidavit within two weeks. The court listed the matter for next hearing on April 8, 2026. InterGlobe, in its plea, contended that the levy of Customs duty on such re-imports was unconstitutional and amounted to double levy on the same transaction. The counsel for the Customs opposed the plea, claiming it is pre-mature and that the issue based on which the present claim has been filed is pending before the Supreme Court. The counsel said the Supreme Court has not passed any st
Ahead of Budget 2026, Finance Minister Nirmala Sitharaman on Saturday said the simplification of customs would be the next big reform agenda for the government. During the current financial year, the government undertook reforms such as rate rationalisation and simplification of the income tax and Goods and Services Tax (GST) in a bid to boost consumption by providing more cash in the hands of the common man. "We need a complete overhaul of customs... we need to have customs simplified for people to feel that it is not cumbersome to comply... need to make it more transparent," Sitharaman said while speaking at the HT Leadership Summit here. There is a need to bring the virtues of income tax to the customs side in terms of transparency, she said, adding that the proposed reforms will be comprehensive and entail customs duty rate rationalisation. The announcements to this effect can be made in the upcoming Budget, likely to be presented on February 1. "We have brought down customs d