Import

India usually imports high-value milk products but not mass-consumed items

As Pakistan struggles to secure external financing to pull the country out of the economic crisis, foreign exchange reserves held by the SBP reversed their course, snapping their 6-week winning streak

Set to be unveiled on Friday, it is likely to focus on export hubs, e-com

ELS cotton usually comprises those that are 32-36 mm

The surge was led by demand revival from industry, fabricators and investors

FPI outflows, likely RBI dollar purchases weigh on domestic currency

Some shut shop as they fear raids

The government on Wednesday said that it has decided to discontinue import of crude soybean oil under tariff rate quota (TRQ) from April 1 this year. TRQ is a quota for a volume of imports that will enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports. "Last date for import of crude soybean oil under TRQ has been revised to March 31, 2023. Further, no allocation of TRQs for import of crude soybean oil shall be made for 2023-24," the directorate general of foreign trade (DGFT) said in a public notice. The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices. The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude soybean oil and crude sunflower oil. Now it is applicable only for crude sunflower see

Domestic coal supply to be regulated for those not adhering to the directive

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring lighters and sports goods under the quality norms, a move aimed at containing the import of sub-standard goods and boosting the domestic industry. The other products for which these norms can be issued include potable water bottles and insulated flasks, resin-treated compressed wood laminates and wooden furniture. The department has floated draft control orders for all these products after consulting the Bureau of Indian Standards (BIS). "Department for Promotion of Industry and Internal Trade has prepared a draft quality control order in respect of lighters in consultation with the Bureau of Indian Standards in order to bring it under mandatory BIS certification keeping in view the human safety and for ensuring the optimum quality of product," according to one of the office memorandums of the department. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless

Indian Institutions engaged in developing GM seeds for 13 crops

With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee

CBIC come across 12-13 cases of import-export data leaks to dark web

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

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

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 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

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

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