Duty


 

Oilseed, edible oil prices surge on import duty hike [0.02]

Posted on Aug. 14, 2017, 2:57 p.m. by Markets @ [source]

Prices of oilseeds and edible oils jumped by up to 3.5 per cent in spot and futures on Monday, due to apprehension of lower supply after an increase in the Customs duty, to curb cheaper import.

The strengthening rupee and low international prices, combined with a duty differential favouring import of refined edible oils, had led to immense pressure on the domestic industry, with many crushing and refining facilities on the verge of closure.

cent crude crushing duty edible oil import oil refined refining seed

 

Indian traders are likely to 25 tonnes of from in July and August, taking advantage of a recent change that allows importers to ship in without paying a 10 per cent customs duty, industry officials told Reuters.

The government has asked traders who are importing under to fill in a questionnaire that asks them to specify whether the goods are manufactured in those countries, the official said.

countries discount duty goods imports Indian July official tonnes traders

 

The country has sufficient stock of available and there are no plans to allow further imports of the at zero duty, Food Minister said on Saturday.

The country has supply of about 27.9 million tonnes (MT) in the current 2016-17 season (October-September).

crushing current duty import mills mt October operations season tonnes

 

Food Minister on Saturday said the has no immediate plans to further hike from the existing 10 per cent.

On March 28, an of 10 per cent was imposed on to curb in view of record domestic output at around 97.44 million tonnes in 2016-17 crop year (July-June).

cent crop duty existing food hike minister plans Saturday tonnes

 

Edible oil to become costlier by 4-5% on import duty hike [0.02]

Posted on Aug. 12, 2017, 11:40 a.m. by Markets @ [source]

The on Friday announced increase in on both crude and refined edible oil, a demand that the domestic seed crushing and refining industry had been making over the past several months.

But, a marginal increase is unlikely to make a difference for consumers.

cent crude crushing domestic duty edible import oil refined seed

 

90% of South Korea gold imports by two business groups [0.14]

Posted on Aug. 10, 2017, 7:25 p.m. by Markets @ [source]

Only two entities have together imported close to 10,000 kg of gold from India's free trade partner of South since July, after implementation of the goods and services tax (GST).

Of the total of 11,000 kg imported from July 1 to August 9, around 90 per cent has been brought in by two business groups which have taken advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea, say government sources.

bullion cent duty Gold government import imported India kg trade

 

Gold import surge via Korea using FTA loophole [0.14]

Posted on Aug. 10, 2017, 5:44 p.m. by Markets @ [source]

Only two entities have together imported close to 10,000 kg of gold from India's free trade partner of South since July, after implementation of the goods and services tax (GST).

Of the total of 11,000 kg imported from July 1 to August 9, around 90 per cent has been brought in by two business groups which have taken advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea, say government sources.

bullion cent duty Gold government import imported India kg trade

 

A month after goods and services tax (GST) roll-out, a sudden deluge of imports from free trade partner has alarmed New Delhi.

Industry officials say was mostly trading at a discount last month, and the demand was also weak after the implementation of the As a result, imports nosedived to around 30 tonnes, of which 15 to 20 per cent is estimated to have taken place from Korea under zero duty.

Agreement cent custom duty FTA import India Korea ministry official

 

Govt sits up over post-GST gold import from Korea [0.07]

Posted on Aug. 8, 2017, 5:13 p.m. by Markets @ [source]

A month after goods and services tax (GST) rollout, a sudden deluge of imports from free trade partner has alarmed New Delhi.

Industry officials say was mostly trading at a discount last month, and the demand was also weak after the implementation of the As a result, imports nosedived to around 30 tonnes, of which 15 to 20 per cent is estimated to have taken place from Korea under zero duty.

Agreement cent custom duty FTA import India Korea ministry official

 

Govt proposes safeguard duty on gold import from Korea [0.06]

Posted on Aug. 8, 2017, 1:07 p.m. by Markets @ [source]

The Government of India has asked the Director General (Safeguard) to impose on and jewellery imported from The merchandise from that country currently attracts zero rate of duty under India-Korea Comprehensive Economic Partnership Agreement, and not 10 per cent basic customs duty normally applicable to the precious metal.

Several complaints were made to the finance ministry, but since the issue was under treaty, government has had to find a way out through the issue of a notification (No.

cent duty import India industry jewellery July Korea notification safeguard

 

Victims of bank fraud should not expect automatic refunds and are sometimes at fault for not taking a "duty of care", the CEO of RBS has reportedly said.

Chief Executive Ross McEwan said that banks could not always be blamed if customers give out their account details to online scammers, according to U.K. newspaper the Daily Mail.

automatic bank care duty expect fault fraud refunds taking victims

 

Investment products, including paper gold, bars, and coins, are likely to see their share in the country's overall leapfrog to 33 per cent, from the current share of nearly 22 per cent, in the coming years due to an increase in the overall transparency in the bullion trade through the implementation of the (GST).

A World Gold Council (WGC) report estimates that India’s investment gold (bars and coins) demand stood at 72.7 tonne for the January–June period in 2017, compared to 59.8 tonne for the corresponding period last year.

bars coins cent demand duty Gold import investment jewellery June tonne

 

30 Best Westerns of All Time [0.18]

Posted on Aug. 1, 2017, 10:31 p.m. by 24/7 Wall St. @ [source]

The Western is that most quintessentially American movie art form, the genre that speaks to rugged individualism and raises issues of, for better or worse, what it means to be a man.

From the sharply defined roles of heroes and villains in the silent film era of early Western film star Tom Mix to the anti-hero characters of “Butch Cassidy and the Sundance Kid” in the late 60s, the best Western films have examined the characteristics of manliness — from courage, independence, and assertiveness to honor, duty, and justice.

American duty film Hero honor Justice man Movie quintessentially western

 

India's falling is giving the world's second-biggest gold consumer room to lower its import duty on bullion, a commerce ministry official said on Thursday.

India raised import duties on gold to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping current account deficit.

commerce demand duty Gold import India June lower ministry reduction

 

If industry experts are to be believed, the recently implemented goods and services tax (GST) regime might have inadvertently opened a channel for gold importers to launder money out of the country.

According to an industry veteran who did not wish to be named, "under two treaties that India has signed with other countries – FTA and Comprehensive Economic Partnership (CEP) – gold can now be imported without paying the 10 per cent customs duty, as the 12.5 per cent countervailing duty has been subsumed in the goods and services tax (GST), which is 3 per cent for gold”.

bullion cent duty exporting Gold imported importer India Indian over

 

President Trump finally revealed what he thinks a better trade deal looks like. And believe me, if I become president, oh, do they have problems.

administration Amazon American Canada duty free Mexico NAFTA trade Trump

 

About 3 million heavy-duty commercial vehicles in the United States use advanced clean diesel engines and emissions control systems that save billions of gallons of fuel and reduce polluting emissions by millions of metric tons (tonnes).

A new study by IHS Markit for the Diesel Technology Forum (DTF), an industry association representing diesel technology suppliers, revealed that over a five-year period (2011 through 2016) the newest generation of commercial vehicles saved 4.2 billion gallons of fuel and eliminated emission of 43 million tonnes of carbon dioxide, 21 million tonnes of nitrous oxides and 1.2 million tonnes of particulate matter.

clean diesel duty emission fuel heavy tonnes truck vehicles year

 

The commerce ministry is yet to provide feedback to the finance ministry on a matter that allows traders to import gold coins and articles at close to zero-duty from Asean countries. India has signed free trade agreements with Asean nations which facilitate imports at concessional rates of duty.Since these are bilateral trade treaties, the finance ministry, which levies taxes relating to such agreements, can impose them only after consultation with the commerce ministry.

articles Asean coins commerce duty Finance import matter ministry trade

 

Domestic sugar prices to move up on import duty hike: Icra [0.06]

Posted on July 13, 2017, 2:28 p.m. by Markets @ [source]

The government, early this week, raised the import duty on following the recent decline in prices and the improved outlook for domestic production for the upcoming year (SY) 2017-2018 beginning October.

Low import demand from India and global surplus expectation in 2017-18 on account of increased production from Brazil and India, have resulted in a fall of prices from around $540-$550 a tonne in January-February 2017 to $510 a tonne in March 2017.

cane domestic duty import India mills mt production recent tonne

 

Sugar stocks up on import duty hike [0.06]

Posted on July 11, 2017, 8:18 p.m. by Markets @ [source]

A notification issued by the department yesterday said import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40 per cent to 50 per cent "with immediate effect and without an end date".

cent department duty import issued notification raw refined Sugar White