Page 9 - Imports

Finance ministry increases 'risk profiling' of shipments from China

Govt taking steps to address possible cases of under-invoicing

Govt exempts customs duty on imports of Covid-19 vaccines till March 31

Currently, Covid vaccines administered in India include Covishield, Covaxin, Sputnik V, Corbevax and Covovax

Customs dept monitoring toy imports, newer modus operandi adopted: CBIC

The CBIC on Saturday said the customs department is closely monitoring import of toys and continuously tackling newer modus operandi adopted to circumvent the quality control and safety norms. The government earlier this week said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality mark and use of fake licences. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said the customs department is engaged with both BIS and the DGFT (Directorate General of Foreign Trade) to thwart attempts of circumventing the quality control and safety checks. It said newer modus operandi adopted to circumvent the BIS restrictions by way of imports of parts of toys, staggered import of such parts through different ports, and misdeclaration of toys and their parts as entirely different items is being "continuously tackled". "Indian Customs has been closely monitoring

India may be in better economic shape to create a rupee trade zone

But the China factor could play spoiler

DRI issues show cause notice against Samsung India for tax evasion: Report

The agency has asked the company on why it should not impose penalty against the management

Fiscal deficit touches 59% of full-year target in November at Rs 9.78 trn

The government's fiscal deficit at the end of November touched 59 per cent of the full year budget estimate, according to data released by the Controller General of Accounts (CGA) on Friday. In actual terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 9,78,154 crore during the April-November period of 2022-23. In the corresponding period last year, the deficit was 46.2 per cent of the budget estimates of 2021-22. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP.

Myanmar's exports up 15.09% in over 8 months of FY 22-23: Govt data

During the period, the country's imports were higher by 26.19 per cent to $12,325.87 million

Airbag industry in India expected to grow to Rs 7,000 cr by FY27: Icra

The industry size of airbags, a key safety feature in vehicles, is expected to grow to up to Rs 7,000 crore by FY2027 in India, from the current levels of around Rs 2,500 crore, according to ratings agency Icra. The growth in the airbag industry, which is one of the fastest growing auto component segments, is expected to be fuelled by the increase in content per vehicle arising from higher regulatory requirements and voluntary increase in the number of airbags per vehicle for enhancing safety, Icra said in a statement. "The mandatory content per vehicle for airbag manufacturers is expected to rise from Rs 3,000-4,000 currently to Rs 8,000-10,000 by October 1, 2023. The average number of airbags per car sold is about three currently, and this is expected to increase significantly post the mandatory implementation of six airbags per car from October 1, 2023," Icra Vice President and Sector Head Vinutaa S said. Accordingly, Icra said it expects the industry to grow to Rs 6,000-7,000 ..

Covid fears in China may have cascading impact on India's exports, imports

The importance of China as India's top trading partner cannot be understated

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Govt to support farmers to produce more pulses, streamline imports

The government on Thursday said it will take steps to support farmers for increasing pulses production and also streamline imports as part of its objective to make available the products at affordable rates. The Department of Consumer Affairs will take all necessary steps required to support Indian farmers to produce more pulses, according to an official statement. Importers will also be supported for seamless imports of pulses so that the pulses are available to the consumers at affordable prices, throughout 2023, said Rohit Kumar Singh, Secretary Department of Consumer Affairs during a meeting with pulses associations. Further, Singh reiterated the importance of both domestic production and the imports of pulses especially Tur, Urad and Masoor. "Global availability in the coming year is expected to be better with increase in production expected from Myanmar, where arrivals have started and pulses sowing intentions in African countries indicating increase in area coverage under ..

India imports 4.61 mn tonnes of urea in April-November this fiscal

Urea production stood at 187.21 lakh tonnes during April-November period of this fiscal, while imports were at 46.14 lakh tonnes to meet domestic demand. In a written reply in the Rajya Sabha, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba shared the data for consumption, production and import of urea in the last three years. As per the data, urea production stood at 250.72 lakh tonnes in the 2021-22 fiscal as against 246.05 lakh tonnes in 2020-21 and 244.58 lakh tonnes in the 2019-20 financial year. Urea imports stood at 91.36 lakh tonnes in the last fiscal, 98.28 lakh tonnes in 2020-21 and 91.23 lakh tonnes in 2019-20. Urea is presently sold in 45-kg bags and the maximum retail price (MRP) is Rs 242 per bag (excluding charges towards neem coating and taxes as applicable). "The subsidy provided per 45kg bag of urea is approximately Rs 1800 (Q1 of 2022-23)," the minister said. The difference between the production cost and MRP is reimbursed as subsidy to fertilis

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"

India says GM technology important for food security, import reduction

The environment ministry in October granted environmental clearance for indigenously developed GM mustard seeds, potentially paving the way for a commercial release of the country's first food crop

Bangladesh's current account deficit widens in Oct as imports surge: Report

Bangladesh's current account deficit further widened in October as imports continued to increase in comparison to the combined receipts from exports and remittances

Govt working on ways to contain surge in imports of non-essential goods

The government is working on ways to contain surge in imports of non-essential goods with an aim to boost the country's exports and reduce trade deficit, an official said. The commerce ministry has identified those products and have sent communications to the line ministries to work on remedial measures for cutting down those imports, the official said. According to the ministry's data, imports during April-October this fiscal have increased to USD 436.81 billion as against USD 328.14 billion in the same period last year. Trade deficit for April-October 2022 has widened to USD 173.46 billion as against USD 94.16 billion in April-October 2021. Another official said that it is the commerce ministry's mandate to constantly monitor trends in imports and exports, and ascertain reasons behind those trends. "In this regard, we reach out to various ministries, industry bodies, export promotion councils, trade experts and other relevant stakeholders to seek information related to the trends

Nepal to lift ban on import of vehicles, liquor products from Dec 16

Nepal's cabinet has decided to lift an eight-month-long ban on the import of some vehicles, liquor products and expensive mobile sets from December 16, a cabinet minister said

Crude concerns: India may have to rely on dark fleets for Russian imports

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

Govt to tighten check on imports; set up task forces for telecom production

The government will come up with a methodology to check imports from neighbouring nations, which are non-compliant to trusted source rules of the telecom sector, Union minister for communications and IT Ashwini Vaishnaw said on Saturday. The minister had a meeting with over 40 CEOs of telecom gear makers that have qualified for production linked incentive scheme and decided to set up 4-5 task forces to provide market support to them as well as streamline their business for value addition in the economy. Telecom gear makers expressed concern around import of network gear from China, which is being routed through other neighbouring countries. When asked about concerns around such imports, the minister said, "This issue was discussed. Representatives from customs department, finance ministry and other ministries... work will be done on it to devise how to check it in a methodical manner." The minister said that the companies under telecom PLI are close to start export of their gears a