Page 10 - Import

Govt permits invoicing, payment and settlement of trade in rupee

The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special

UP Inc forges tie-ups in Africa, Europe to achieve $1 trn economy target

The 13 thriving business clusters in Denmark are seen having a good potential for joint ventures, import and export, especially for the MSME sector

India proposes retaliatory duties on UK imports for curbs on steel products

India has proposed to impose retaliatory customs duties under the WTO norms on about USD 250 million worth of goods imported from the UK if no agreement is reached on compensation in a case concerning the imposition of restrictions by Britain on steel products. India has raised concerns at the World Trade Organisation (WTO) over the UK's move to extend safeguard duty and quota restrictions on the import of certain steel products till 2024. New Delhi has stated that it has substantial trade interest in the sector. According to the WTO, India has submitted its concerns to the UK regarding the manner in which safeguard measures have been extended which is violative of the global trade provisions and the WTO's Agreement on Safeguards. New Delhi has requested compensation under the agreement, it said. The UK has disagreed with India's views on the measures but agreed to discuss adequate means of compensation. "India estimates that the safeguard measures have resulted in the decline of

No proposal for bilateral trade deal with Afghanistan: MoS Muraleedharan

He said, the govt has seen reports regarding the proposed extension of the so-called CPEC, and said any such actions by any party directly infringe on India's sovereignty and territorial integrity

India to import 76 MT coal to meet demand; power tariff to go up: Report

India is planning to import nearly 76 million tonnes (MT) of coal this fiscal year to reach the fossil fuel shortfall in power plants

Spike in imports, fall in exports widen India's trade deficit with China

In FY22, India's trade deficit with China was recorded at $72.9 billion, up nearly $29 billion from FY21's figure of $44 billion

Joe Biden says action on China import tariffs still being discussed

Biden's administration has been considering easing some Trump-era tariffs on consumer goods from China for some time amid divisions among his team

Indian influence in South Asia declines as China expands foothold

China's exports to the region grew over five times between 2005 and 2020

Pak considers unconventional measures to cut import bill amid used up forex

Amid falling remittances and depleting foreign exchange reserves, Pakistan has come on the brink. The policy makers in the country have indicated their intention to adopt unconventional measures

Average time taken for customs clearance of imports comes down: CBIC

The National Time Release Study 2022 presents annual report of cargo clearance process through 4 categories of ports -- seaport, Inland Container Depots, Air Cargo Complexes and Integrated Check Posts

India inclined to continue importing coking coal from Russia: Steel min

India plans to double imports of Russian coking coal, a key ingredient in making steel, the minister said.

Explained: India's arms import dependence

India has been the largest arms importer globally and spent almost double compared to China in 2017-21. The problematic issue, though, is India's paltry share in the world's exports. Read the full report here: https://mybs.in/2au2w0S

Crude oil import from Russia miniscule, says Oil Min Hardeep Singh Puri

Oil minister Hardeep Singh Puri on Monday allayed fears of short supply of crude oil amid the Russia-Ukraine conflict and said that crude oil imports from Russia are miniscule at just 0.2 per cent of total such imports till January this fiscal. "About the increased oil import concerns...we require total of five million barrels per day. Sixty per cent of it comes from Gulf. We have imported from Russia, just 0.419 million metric tonnes...that is 0.2 per cent of total requirement (during April-January this fiscal)," Puri said in the Rajya Sabha while replying to a supplementary to a starred question. "We are monitoring the situation. As far as oil imports are concerned from Russia, contrary to what played up in media, it is miniscule," the minister said. According to the written reply tabled in the House, in financial year 2020-21, India imported 85 per cent of its crude oil requirements and 54 per cent of its natural gas requirement. According to Petroleum Planning & Analysis Cell .

Indian drone makers welcome govt's decision to ban import of drones

The decision will block cheaper Chinese products, encourage participation from large corporations

India to allow pork imports from US in exchange mango, pomegranate exports

Development comes months after the two govts renewed India US Trade Policy Forum (TPF), and both nations agreed to iron out thorny issues, including market access issues pertaining to farm sector

IGST on ocean freight can't be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution

World's record food bill is hitting poorer countries hardest

Higher shipping rates and prices of foodstuffs from grains to vegetables are likely to drive the cost of importing food

SME Chatroom: 'Defective packaging can imperil marine insurance claims'

Clause 4.3 of Institute Cargo Clauses (C) says that in no case will insurance cover loss, damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured

Sri Lanka slaps 100 per cent LC margin to restrict imports: Report

The new margin requirement will be in effect from September 8 for over 600 items ranging from chocolates and wine to raincoats and carpets to discourage imports

India's new LNG plant starts next year, to boost import capacity by 12%

New demand for LNG from India is expected to support Asian gas prices which rose to record highs earlier this year, partly aided by the transition from coal or oil to gas in developing countries.