Trade Policy

Consumer org COF seeks probe into activities of online gaming firm RARIO

Consumer Online Foundation, a consumer rights organisation, has written to the finance minister to investigate the activities of a cricket collectable and gaming platform, RARIO, for alleged violation of tax laws with respect to cryptocurrencies, an allegation denied by the company. The letter by Consumer Online Foundation (COF) alleged that RARIO is engaged in unfair trade practices that infringe on the rights of consumers. RARIO refers to itself as a company engaged in the buying and selling of digital player cards and does not disclose on its website that it is in reality an NFT and cryptocurrency platform, the COF alleged. However, RARIO said, "We adhere to all the KYC requirements and fully comply with the applicable laws, including taxation." The letter alleged that the company has been engaging in unethical marketing practices and misleading customers in all of its transactions. "Customers purchase player cards in either INR or USD currency, which are loaded into their 'RAR

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New foreign trade policy to aid exports via e-com, farm equipment: Experts

The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday. India on March 31 came out with the new policy which aimed at pushing rupee trade, increasing outward shipments to USD 2 trillion by 2030, and promoting e-commerce exports, amid global uncertainties. Rumki Majumdar, Economist at Deloitte India, said that the policy emphasises on the manufacturing and export sectors with a long term view. Sectors such as batteries for EVs, green hydrogen, and garment, amongst others will benefit from the policy, she said, adding that with over 80 per cent of trade being done in the USD, encouraging trade in Indian rupee will be a relief. "It will also add to its resilience to external shocks and improve negotiating capabilities in international trade," Majumdar said. Shashi Mathews, Partner at IndusLaw, said that through the policy, the government's focus

India, Australia eye early conclusion on comprehensive trade pact

India, Australia to increase cooperation in critical minerals sector

Govt to bring retail trade policy to promote ease of doing biz: Official

The government is working to bring a national retail trade policy for brick and mortar retail traders with an aim to promote ease of doing business, a senior official said on Monday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the policy would also help in providing better infrastructure and more credit to traders. The Department, he said, is also working to bring an e-commerce policy for online retailers. "We want that there should be synergy between e-commerce as well as retail traders," Sanjiv said at a conference on FMCG and e-commerce here. The Department is also in the process of formulating an insurance scheme for all the retail traders. The accident insurance scheme would particularly help small traders of the country, he added. "The government is trying to do policy changes not only in e-commerce but national retail trade policy which will be for physical traders which will be introducing ease of doing business,

Working to support plans to promote a free open Indo-Pacific region: USIBC

A top American business advocacy group has said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. During an ongoing meeting with stakeholders of the Indo-Pacific Economic Framework (IPEF), the US India Business Council (USIBC) also focused on building resilient supply chains for the biopharmaceutical sector as well as for critical minerals essential to the energy transition, a media release here said. The framework is being hosted by the Indian Ministry of Commerce and Industry in Delhi from February 8 to 11. On Thursday, the USIBC said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. The Indo-Pacific is a biogeographic region, comprising the Indian Ocean and the western and central Pacific Ocean, including the South China Sea. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China's rising .

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

India-US Trade Policy Forum to boost bilateral trade and investment

The US is also the biggest FDI investor in India in terms of equity, as per the Reserve Bank of India's (RBI's) latest FDI data, with Rs 8.1 crore, accounting for 16.9 per cent share in 2022

Piyush Goyal to attend India-US Trade Policy Forum on January 11

The TPF aims to iron out key trade and investment-related issues between India and its largest trade partner - the US

India-Australia interim trade deal kicks in today after eight-month wait

The implementation of the interim trade pact, also known as Economic Cooperation and Trade Agreement (ECTA) has the potential to double the bilateral trade between the two countries to $50 billion

Biggest challenge is to get Centre, states work together: CII president

Bajaj said even in states where it is the same party ruling as the Centre, one doesn't see the same level of focus, energy and interest

India has to compete to gain from 'China Plus One' strategy: Eswar Prasad

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University

Trade settlement in rupee: Govt, RBI devise country-specific plan

To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country

Need to evolve; golden era of UK-China ties over, says PM Rishi Sunak

Sunak further stressed that "we cannot simply ignore China's significance in world affairs -- to global economic stability or issues like climate change"

If delay in FTA talks, GCC nations can join India-UAE trade deal

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

RBI, UAE central bank discuss mechanism to trade in local currencies

Negotiations between India-GCC FTA expected in Jan-March quarter

Centre allows export incentives for those settling trade in rupee

DGFT makes key amendments to foreign trade policy

Centre allows trade settlement for export promotion schemes in Indian rupee

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

Sebi's front-running investigations rise even as overall cases dip

More probes were completed than in the previous year

India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India