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In a move aimed at simplifying trade and boosting business efficiency, the Maharashtra government on Friday introduced a new 'e-bond' system for import and export transactions, replacing the traditional paper stamp bonds. With the adoption of the e-bond system, Maharashtra has become the 16th state in the country to do so, Revenue Minister Chandrashekhar Bawankule said in a statement. The decision would simplify procedures and accelerate trade operations, marking an important step in modernising the state's economy, he said. "Currently, 3,000 to 4,000 bonds are issued every month for import-export operations, amounting to over 40,000 annually. The introduction of e-bonds will bring a major transformation. Though it may appear small, this is a turning point for Maharashtra's economy," he said. The e-bond system is expected to make obtaining trade bonds faster and simpler, eliminate the need for Rs 500 stamp papers, promote environmental conservation, and enhance transparency in ...
The Commerce Ministry's arm DGTR has initiated an anti-dumping probe into the import of a solar component and mobile covers from China, following complaints by RenewSys India and All India Mobile Cover Manufacturer Association. The applicant has alleged that the industry is impacted due to the dumped imports of "Solar Encapsulants, excluding EVA Encapsulants" from China. The item is used in the manufacturing of solar PV modules. "The authority, hereby, initiates an anti-dumping investigation to determine the existence, degree and effect of the dumping," DGTR said in a notification on Monday. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of the levy on imports. The finance ministry takes the final decision to impose duties. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these d
Seamless Tube Manufacturers' Association of India (STMAI) on Thursday said the country has sufficient capacity of seamless pipes and tubes to meet domestic demand and urged the government to implement strict measures to curb influx of low-cost Chinese pipe imports to safeguard the domestic industry. According to the STMAI President Shiv Kumar Singhal, the domestic seamless pipes and tubes industry has an installed capacity of approximately 1.95 million metric tonnes (MMT) -- more than sufficient to meet the total Indian demand of 1.32 million metric tonnes. Despite strong support from the government through various safeguard measures to protect the domestic seamless pipe industry, Chinese pipe imports have increased exponentially over time -- particularly in the last 3-4 years, he said. However, these efforts have proven largely ineffective in curbing imports from China, he explained. Chinese importers are reportedly declaring inflated invoice values at the time of customs clearanc
India and the five-nation Eurasian Economic Union bloc on Wednesday inked terms of reference to start formal negotiations for a proposed free trade agreement, an official statement said. The five members of the Eurasian Economic Union (EAEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The development is important as India is looking to diversify its export markets due to high tariffs imposed by the US. The terms of reference (ToR), the commerce ministry said, provides the framework for negotiations and is expected to unlock untapped trade potential, increase investments and establish a stronger, durable IndiaEAEU economic partnership. Both sides reaffirmed their commitment to the early conclusion of the agreement and to building a long-term institutional framework for trade cooperation, it said. The two-way trade stood at USD 69 billion in 2024, an increase of 7 per cent over 2023. With a combined GDP of USD 6.5 trillion, the proposed free trade agreement (FTA) is ..
Solvent Extractors Association (SEA) on Friday urged the government to allow short-term imports of coconut oil and copra to tackle domestic price volatility, as coconut oil prices have tripled in the past year. The industry body requested that the government take urgent action by permitting imports for an interim period of 6-12 months to manage the current crisis and retain consumer interest in coconut oil. "We request the government to take urgent actions to address this situation by allowing the import of copra and coconut oil for the interim period," SEA said in a representation to concerned ministries. Coconut oil prices have surged to over Rs 400 per kg at the wholesale level from around Rs 130 a year ago, prompting consumers to shift to alternative oils like palm and sunflower. The association said India's coconut production has been under stress for two years due to pest attacks, resulting in a 40 per cent drop in yields. "This demand for coconut oil may shift permanently,"