New Delhi, May 14 (IANS) The Centre has imposed a limit on duty-free gold imports under the advance-authorisation scheme for exporters at a maximum of 100 kg per licence in a move aimed at curbing diversion of imported gold into the domestic market to make a fast buck amid concerns over the soaring import bill, which is draining precious foreign exchange reserves.Under the revised norms issued by the Directorate General of Foreign Trade, first-time applicants seeking permission to import gold wi…
Latest Customs Duties News & Updates
New Delhi, April 30 (IANS) The Department of Commerce on Thursday notified the revised schedules under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme as part of the strategy to help the country’s export sector amid global disruptions due to the Middle East conflict.The revisions pertain to DTA exports and for exports by Advance Authorisation (AA), Export Oriented Units (EOUs), and Special Economic Zone (SEZ) units, in line with amendments made in the First Schedule to t…
Washington, April 3 (IANS) The United States recorded a goods trade deficit of $54.91 billion with India over the past 12 months, placing it among Washington’s top deficit partners even as the overall US trade gap widened in February, according to official data.The monthly figures showed the US trade deficit rose to $57.35 billion in February, up $2.67 billion from January, though still 11 percent below the 12-month average.The increase came as imports grew faster than exports. Total exports s…
New Delhi, Jan 26 (IANS) Lower customs duties on imported cars under the proposed India-EU free trade agreement could help expand India’s small luxury car market, BMW Group India President and CEO Hardeep Singh Brar said on Monday.Brar said the luxury car segment in India currently makes up only about one per cent of the overall passenger vehicle market, leaving significant room for growth if import duties are eased.“There is a strong and positive signal of confidence in India’s long term …
New Delhi, Jan 20 (IANS) The wave of reforms are likely to feature prominently in the Union Budget 2026-27, an HSBC report said on Tuesday, adding that given a slew of announcements in recent months, the government is in a mood for further reforms.The central government budget will be presented on February 1, followed closely by the RBI policy meeting on February 6.“We believe the government will focus on two pillars during such time – restraint and reforms,” the report mentioned.The repor…