Finance Ministry, Ministry of Finance

The finance ministry has operationalised the amnesty scheme for traders who defaulted in export obligation under the Advance and EPCG authorisation scheme.
As per the amnesty scheme, which was announced in the Foreign Trade Policy on March 31, EXIM traders who failed to meet the export obligation under the Advance and EPCG (export promotion for capital goods) authorisation scheme can come clean by paying customs duty and interest, subject to a ceiling of 100 per cent.
The Central Board of Indirect Taxes and Customs (CBIC) asked principal commissioners/commissioners to ensure that the exporters approaching for paying the duty, etc. are registered with the Directorate General of Foreign Trade (DGFT).
"These cases under the scheme be monitored and tracked so that there is efficient handling and expeditious closure of these old cases of bona fide default in a seamless manner," the CBIC said in a circulate dated May 17.
The authorisation holder choosing to avail this scheme will have to

US, china, flag

China on Saturday criticized the latest U.S. decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will isolate and backfire on the U.S.
Out of the need to maintain its sci-tech hegemony, the U.S. abuses export control measures to maliciously block and suppress Chinese companies, said Foreign Ministry spokeswoman Mao Ning.
It will not only damage the legitimate rights and interests of Chinese companies, but also affect American companies' interests, she said.
Mao also said that the U.S. weaponization and politicization of science and technology as well as economic and trade issues will not stop China's progress.
She was speaking after the U.S. on Friday updated export controls that included adding certain advanced, high-performance computing chips and semiconductor manufacturing equipment to its list, as well as new license requirements for ite

sugar

The apex sugar body has urged the govt to not experiment with a new export system

maida

In July, the DGFT, under the commerce ministry, had stated that exporters of these commodities would need approval of the inter-ministerial committee) on export of wheat for the shipments

Wheat, wheat flour

The Centre has made it mandatory for all exporters to seek prior permission from the inter-ministerial committee on wheat export before undertaking any outbound shipment

The United States has put five Chinese companies on its Entity List that restricts their ability to receive exports, over human rights abuses in China's Xinjiang province

export, trade, import, warehouse

Exporters fume as notification by Commerce Department confirms January 1, 2021 as end date for scheme

export

Earlier, the DGFT and the customs department had imposed a condition that the advance authorisation scheme would be available to exporters only if imports have been undertaken by them

CBEC should now clarify the pending issues and allow exports to proceed

The stock price of GVK Power & Infrastructure was locked in the 5% upper circuit for the eight day, trading at its highest level since September 2018 on the BSE

Sensex, Nifty, stock brokers

The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources

Byju's

Meanwhile, companies like HP and Acer, which do not sell mobile phones in India, are likely to miss out

Apple iPhone

His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm

Reliance Industries chairman Mukseh Ambani and Nita Ambani's children, left to right, Akash, Isha and Anant Ambani. PTI: Photo

Isha, Akash and Anant Ambani

Analysts at Jefferies, believe that the time is ripe to buy Eicher Motors given alleviating competitive concerns, along with tailwinds of 2W demand recovery, industry premiumization and exports.

Eicher Motors, motorcycle ,Royal Enfield, Royal Enfield bikes,

This endeavour marks a step in expanding connectivity in the northeastern region of India and bolstering the local economy, the Ministry of Civil Aviation said in a statement earlier

Jyotiraditya Scindia

As Vietnam is largely becoming an emerging tourism destination for Indian travellers, Vietjet, the country's largest private carrier, is getting ready to tap this growing interest by expanding its service to India connecting more cities.
A new route connecting Tiruchirappalli (Tamil Nadu) and Ho Chi Minh City is expected to be launched this November, airline authorities said here.
Direct flight services from Kerala's Kochi to Ho Chi Minh City had already been launched by the private carrier from Cochin International Airport in August.
A senior airline official said here that Vietjet currently has 32 return flights servicing India each week.
"From November, Vietjet is expected to launch a new route connecting Tiruchirappalli and Ho Chi Minh City and we have plans to have an initial frequency of three return flights per week, in order to meet rising demand from travellers in both countries," the official, who doesn't want to be named, said.
Vietjet would like to eventually expand it

VietJet

The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.
Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity markets were closed on Tuesday on account of Ganesh Chaturthi.
From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week.
The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week.
ICICI Bank's valuation dropped Rs 29,41

HDFC Bank

In a move to fuel growth through self-employment, Assam Chief Minister Himanta Biswa Sarma has launched a scheme to help youths set up their own ventures.
At a function here, Sarma rolled out the Chief Minister's Atmanirbhar Asom Abhijan 2023. He also launched a registration portal for the scheme.
Under the programme, financial aid will be given to two lakh youths for creating a robust entrepreneurial ecosystem, he added.
Speaking on the occasion on Saturday, Sarma said, "The scheme has been designed to create self-employment avenues to enable the youths to fuel development of the state. It has the potential to strengthen rural economy."
He said that the unemployed degree holders in the fields of engineering, medicine, agriculture, animal husbandry and fishery will be kept in the first category and will be given Rs 5 lakh.
"On the other hand, unemployed postgraduates, general graduates, ITI, polytechnic passouts will be kept in the second category for government assistance of Rs 2

Guwahati: Assam Chief Minister Himanta Biswa Sarma speaks during a press conference organised to commemorate the completion of 8 years of Prime Minister Narendra Modi's BJP-led government at the centre, at BJP state office in Guwahati, Wednesday, Jun

Himanta Biswa Sarma

The US provided Canada with intelligence after the killing of Sikh separatist Hardeep Singh Nijjar, but communications intercepted by Ottawa were more definitive and led it to accuse India of orchestrating the plot, The New York Times has reported citing sources.
The report came on Saturday as the top US diplomat in Canada confirmed that there was shared intelligence among Five Eyes partners that had prompted Canadian Prime Minister Justin Trudeau's offensive allegation against India in the killing of a Khalistani extremist on Canadian soil.
The allegations have infuriated India, which rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. India also accused Canada of being a safe haven for terrorists.
Nijjar, the chief of the banned Khalistan Tiger Force (KTF), was killed in Surrey in British Columbia on June 18. India had designated Nijjar as a terrorist in ...

Hardeep Singh Nijjar, Hardeep Nijjar

The Nijjar murder is fast unfolding into treacherous scenarios that could have tragic consequences for both nations. No one stands to gain from the ongoing face-off

India Canada

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

The leaders of both countries should encourage bilateral trade and people-to-people exchanges that can help build bridges

India's rage is misplaced and hardly serves to endear the country to those appalled by the idea that it may have had a Canadian citizen killed

Canada has updated travel advisory for its citizens in India asking them to "stay vigilant and exercise caution" in the context of recent developments as there are calls for protests and some "negative sentiment" towards Canada on social media.
Tensions flared between India and Canada following Canadian Prime Minister Justin Trudeau's explosive allegations of a "potential" involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, 45, on his country's soil on June 18 in British Columbia. India had designated Nijjar as a terrorist in 2020.
India angrily rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case.
"In the context of recent developments in Canada and in India, there are calls for protests and some negative sentiment towards Canada on social media. Please remain vigilant and exercise caution," the Canadian government said in an

The National Investigation Agency on Wednesday is conducting major raids across 6 states in 3 cases at 51 locations belonging to associates of Lawrence, Bambiha and Arsh Dalla Gangs

Khalistan

In the wake of Canada's allegations about India's potential involvement in the killing of a Khalistani separatist on its soil, External Affairs Minister S Jaishankar has said that New Delhi conveyed to Ottawa that it is not the government of India's policy and it is open to looking at specific and relevant information in the case.
Yes, I do have a comment. I'll share with you very frankly what we told the Canadians, Jaishankar said during a conversation at the Council on Foreign Relations (CFR) here Tuesday when asked if he had any comment on the allegations by Canadian Prime Minister Justin Trudeau that agents of the government of India are linked to the killing of a Canadian Sikh.
"One, we told the Canadians that this is not the government of India's policy. Two, we told the Canadians saying that look, if you have something specific, if you have something relevant, let us know. We are open to looking at it, he said during a conversation with former US Ambassador to India and CFR ..

Sources privy to the development have informed ANI that 'One Nation One Election' would be beneficial not only in the national interest but would also save a lot of the financial reserves of the govt

Voting, elections, Polls, Votes

Catch all the latest live updates from around the world here

S Jaishankar, EAM S Jaishankar

The company's revenue from operations in FY23, Agarwal added, stood at approximately Rs 5,463 crore in FY23 up from Rs 4,781 crore in FY22, marking a 14 per cent increase

export rules

FinMin applies amnesty scheme for traders failing to meet export obligation

China slams US for export controls on chips, calls it violation of rules

Expedite sugar export policy, need to do 8 mn tonnes next yr: ISMA to govt

Exporters of wheat flour, maida need quality certificate for shipments

After wheat, India now curbs the export of wheat flour and related products

US adds 5 Chinese companies to export restrictions list over rights abuses

Govt puts Rs 2 crore cap on exports promotion scheme, sparks protests

Government lifts condition restricting export incentive under GST

GST: CBEC's tardiness on export rules