Page 4 - West Asia

Customs issues norms for return of export cargo amid West Asia crisis

The Customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis. The norms, issued by the CBIC on March 8 and to be valid for 15 days, stipulate that in all such cases the vessel shall be permitted to berth only at the same Indian port from which it departed, except in the case of transhipment. The field offices under the Central Board of Indirect Taxes and Customs (CBIC) will recover all export incentives, including IGST, drawback, etc., manually from such cargo, if they have already been disbursed, said the CBIC circular. The CBIC said it has received representations from field formations indicating that, due to the closure of the Strait of Hormuz and the consequent disruption in maritime routes, certain vessels carrying export cargo from India are unable to reach their destination ports and are returning to Indian ports. It has been ...

Lok Sabha fails to take up resolution seeking Speaker Om Birla's removal

The Lok Sabha on Monday could not take up a resolution seeking the removal of Speaker Om Birla amid repeated adjournments, as opposition members demanded a debate on the West Asia situation. The government and the Chair accused the opposition of holding the House proceedings "hostage" to its demands. The House was adjourned for the day shortly after it reassembled at 3 pm, following an earlier adjournment due to relentless protests by opposition members. As proceedings resumed, opposition MPs continued raising slogans. Jagadambika Pal, who was chairing the proceedings, urged them to maintain decorum and allow the House to take up the resolution against Birla. Pal reminded the opposition that the no-confidence resolution against the Speaker was already on the House agenda, and their adjournment notice seeking debate on the West Asia crisis could not be taken up. He accused the opposition of wasting taxpayers' money -- about Rs 9 crore per day -- by holding the House "hostage" to its

Nifty Metal slides 4% amid West Asia conflict; analysts flag risks

According to analysts, the broader weakness in metal stocks reflects the risk-off sentiment across global markets amid rising geopolitical tensions

UPL, Deepak Fertilisers, SRF, UPL slip up to 6% amid West Asia jitters

According to Kotak Institutional Securities, prolonged unrest in West Asia could not only push up input costs for Indian chemical companies but also have an impact on export revenues

₹13 trn wiped out from D-St as Sensex, Nifty fall 3% amid West Asia crisis

On March 9, the combined market cap of all BSE-listed companies had fallen by ₹12.78 trillion, sliding to ₹436.89 trillion from the previous session's close of ₹449.68 trillion

Gold, silver ETFs trade with mild gains amid geopolitical uncertainty

At 9:23 AM, DSP Silver ETF climbed 0.32 per cent, UTI Silver ETF gained 0.27 per cent, and Groww Silver ETF rose 0.16 per cent

West Asia war tests India's oil shock absorbers amid supply worries

Strategic reserves offer limited cover as shipping disruptions slow the arrival of replacement barrels

Aluminium hits near four-year high as Iran war fuels supply fears

Aluminum rose as much has 1.6 per cent to $3,499.50 a ton, the highest since April 2022, on the London Metal Exchange, following a gain of almost 10 per cent last week

US weighs idea of special operation to seize Iran's near-bomb-grade uranium

Uncertainty over Iran's highly enriched uranium has intensified because it's almost nine months since United Nations atomic inspectors last verified its location

West Asia war: 45K Indian containers stuck; export costs increase fivefold

Exporters stare at either a diversion in routes, or a U-turn to India

West Asia conflict clouds cast shadow on India-Gulf labour corridor

Rising tensions in West Asia are slowing recruitment of Indian workers to Gulf countries, potentially delaying over 300,000 overseas job placements in the coming months

West Asia crisis: Mkts in for another crude week as oil scramble continues

Surging Brent crude and tensions near the Strait of Hormuz threaten to keep Indian markets volatile, with investors watching inflation data and foreign fund flows

Indian airlines cancel 279 international flights amid West Asia crisis

Indian airlines cancelled 279 international flights on Sunday due to the ongoing situation in the Middle East. The escalating conflict in the region involving the US, Israel and Iran has significantly disrupted flight operations due to airspace closures and restrictions. The civil aviation ministry on Sunday said that due to the ongoing situation in the Gulf, flight operations have been impacted across several sectors. "A total of 49 flight operations were scheduled today by Indian domestic carriers from West Asia to India. As on 8 March, 279 flights scheduled to be operated today by Indian domestic carriers have been cancelled," the ministry said in a post on X. An official said that a total of 66 flights, including 34 departures and 32 arrivals, were cancelled at the Mumbai airport on Sunday. Delhi airport operator DIAL said that due to the current geopolitical developments in the Middle East, some west-bound international flights may experience delays or schedule ...

UK PM Keir Starmer speaks with US President Donald Trump on West Asia

The Prime Minister also shared his heartfelt condolences with President Trump and the American people following the deaths of six US soldiers"

Tackling West Asia conflict's impact on investments, household budget

Avoid panic selling, keep SIPs going: Past wars caused transitory selloffs

Russia says international law effectively dead, calls for UNSC P-5 summit

Russian Foreign Minister Sergei Lavrov said the US should clarify its broader plans and explain how they relate to existing international norms

StatsGuru: West Asia conflict threatens India's stakes in the region

As the Israel-Iran conflict escalates, India's deep trade, energy and remittance links with West Asia highlight the economic stakes

Gold poised for volatile week as West Asia tensions roil markets: Analysts

Gold prices are expected to remain volatile next week as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market, analysts said. "Focus will again be on the developments in the Middle-East and further escalation would be positive for gold prices, but a sign of de-escalation may trigger sharp selling," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said. Mer added that silver is also undergoing a consolidation phase but remains highly volatile. "Silver too is passing through a consolidation phase but trading with high volatility as gains are capped by consolidative moves in gold and industrial metals like Copper and Zinc," he said. During the past week, bullion futures witnessed sharp movements in the domestic market. On the Multi Commodity Exchange, silver plunged Rs 14,359, or 5.08 per cent, while gold slipped Rs 470, or 0.3 per cent. "Gold .

Air India adds flights to Europe, North America as West Asia unrest grows

Air India will add 78 flights to Europe, North America and South Asia as the Israel-Iran conflict restricts West Asia airspace and forces airlines to reroute or cancel services

Donald Trump tells Britain he does not need its help to win Iran war

In a post on Truth Social, Trump said he "will remember" the lack of British support during the conflict with Iran