FOREX RESERVES RISE TO $282.95 BILLION AS OF OCTOBER 25: RBI
Foreign Exchange Reserves rose to a 100-day high as the central bank raised more than $12 billion through special deposit and swap schemes unveiled by RBI, Governor. It stood at 282.951 billion at the end of October 25, RBI said in its weekly statistical report. In the week to October 25, foreign currency assets reserves rose $1.8 billion to $255 billion.
STRINGENT GOLD IMPORT NORMS MAY BE RELAXED
The government and the Reserve Bank of India (RBI) are considering easing the 80:20 principle for import of gold. The rule requires importers of the commodity to supply at least 20 per cent of their imports to exporters.Traders have said this is inhibiting imports and have made a presentation to the government to relax the condition. They have argued that it is troublesome for them to show proof of export for every lot of imports and as a result their consignments often get held up at ustoms
GOVERNMENT CUTS IMPORT TARIFF ON GOLD, HIKES SILVER
The government slashed the import tariff value of Gold to $440 per ten gram and raised it on silver to $738 per kg, in line with global prices of the precious metals. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold was hiked two days back to $442 per ten gram, while it was kept unchanged at $699 per kg for silver. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).Import tariff value on crude soyabean oil has been increased to $1,006 per tonne from $952
per tonne and tariff value on RBD palmolein has been raised to $900 per tonne from $869 per ton in the review period.
EU PROTESTS AGAINST INDIA’S PENAL IMPORT DUTIES
The European Union has accused India of imposing higher penal duties on imports of certain products such as steel and rubber chemicals than what the situation may warrant to protect its domestic industry.While claiming that its penal duties were in response to aggressive exports by some countries, India conceded that it would look into complaints made on the initiation of safeguard
investigation on steel pipes and tubes.India has initiated the highest number of safeguard investigations in 2013 and half the products being investigated are already subject to anti-dumping duties, the EU pointed out at a recent meeting of the World Trade Organisation’s (WTO) Safeguards Committee.The WTO allows members to impose penal duties called anti-dumping duties if it can be proved that the imports are being dumped into the country at lower prices than those prevailing in domestic market of the exporting country.A second penal duty known as safeguard duty can be imposed by a member in case there is a sharp increase in imports of a product over a period of time leading to disruption in the domestic market.
INDIA SLAPS ANTI-DUMPING DUTY ON CHINESE PARACETAMOL DRUGS
India has imposed anti-dumping duty of $787 per tonne on import of Paracetamol, a widely used medicine, from China for five years to protect interest of domestic players from the cheap shipments.
The anti-dumping duty imposed (on Paracetamol) under this notification shall be effective for a eriod of five years said the Central Board of Excise and Customs (CBEC). The duty will be at $787 per ton, it said.The duty has been slapped on recommendation of the Directorate General of Anti-umping Duty,which carried out a review of the impact of the levy on its import from China.
SUNSET REVIEW (SSR) ANTI-DUMPING INVESTIGATION CONCERNING IMPORTS OF CABLE TIES, ORIGINATING IN OR EXPORTED FROM CHINA PR AND CHINESE TAIPEI
Directorate General of Anti-Dumping & Allied Duties has initiated the Sunset Review (SSR) Anti-dumping Investigation concerning imports of Cable Ties, originating in or exported from China PR and Chinese Taipei. Interested parties may see the notification on www.commerce.nic.in.
HON’BLE MADRAS HIGH COURT JUDGMENT DATED 21/3/2013 (O.P NO. 888 OF 2010) – DEPOSIT OF 75% OF THE AWARD AMOUNT UNDER MSMED ACT, 206
In a recent case, the Hon’ble High Court of Madras (O.P. No. 888 of 2010) has delivered a judgment (dated 21.3.2013) on issues related to deposit of 75% of the award amount, as provided under Section 19 of the MSMED Act,2006, for filing an application to set aside award passed by Micro and Small Enterprise Facilitation Council (MSEFC).Interested parties may see the details in Office Memorandum No. 4/1(2)/2013-MSME Pol. Dated 19th September 2013 of the Office of the
Development Commissioner (MSME).
FDI IN INDIA JUMPS 35 PC TO $13.6 BILLION IN JANUARY-JULY 2013
Foreign direct investment in India has increased by about 35 per cent to USD 13.6 billion during
the first half of 2013 with merger and acquisitions accounting for the bulk of inflows,says an NCTAD report.During January-June 2012, the country had received USD 10.1 billion of foreign direct investment (FDI).
FDI through mergers and acquisitions has registered a growth of 65.7 per cent during the first half of 2013 to USD 1.8 billion as against USD 1.1 billion in January-June 2012.Among BRICS (Brazil, Russia, India, China and South Africa) members, India stood at fourth position, above South Africa, in terms of FDI inflows.China (USD 67 billion) retained its second position after after the UK, among the world's largest recipients of FDI in this period. Russia with USD 56 billion is at the fifth position, Brazil (USD 30 billion) at eighth. South Africa has received only USD 3.3 billion during January- June 2013.
The report said that the global foreign direct investment inflows were an estimated USD 745 billion in the first half of 2013 compared with the same period in 2012, "a rise of 4 per cent , with a diverging trend between developing and transition economies, and developed countries".
|The dream of the world being turned into a global village is truly taking shape with opening of imports of various goods to India under the WTO regime.|
|Indian Government is also taking necessary steps to move towards an open economy whereby tariff barriers are being removed, thus enabling easy and viable imports of a number of products hitherto unknown to Indian consumers.|