Business
Special additional excise duty on fuel exports reduced
NEW DELHI: Govt on Saturday cut the special additional excise duty (SAED) on exports of diesel, petrol and aviation turbine fuel (ATF), effective June 1.The SAED on petrol exports has been reduced to Rs 1.5 per litre from Rs 3, on diesel to Rs 13.5 per litre from Rs 16.5, and on ATF to Rs…
Indian crude basket below $100/bbl, 1st since March 6
NEW DELHI: The price of the Indian oil basket fell below $100 a barrel on Friday for the first time since March 6, as global crude prices cooled by 11% over the past week amid reports that the US and Iran may have reached a deal and that Strait of Hormuz could soon reopen for…
70% drop in gold demand: Import duty hike from 6% to 15% rattles buyers
. NEW DELHI: Gold demand in India has slipped by nearly 70 per cent after the government doubled import duty on the precious metal earlier this month.The higher fuel and food prices linked to the ongoing Iran conflict had further dragged down the consumer sentiment.Industry estimates showed gold demand fell to around 7.5 tonnes in…
5-month duty relief for cotton imports
The exemption will be available from June 1 to Oct 31 NEW DELHI: Govt on Saturday announced a five-month duty exemption for all cotton imports into the country, aiming to cool down prices and ensure that the domestic garment and textiles industry remains in a robust state.The exemption will be available from June 1 to…
No need to leave US for green card, DHS clarifies
The US department of homeland security (DHS) has clarified that people applying for green cards do not need to leave the United States while their applications are being processed. This comes after an earlier announcement created confusion among immigrants, employers, and immigration lawyers about the process.Last week, a USCIS news release was seen as suggesting…
ESG shift: Carbon rules, sustainability mandates make compliance a business priority, say experts
Emerging regulatory frameworks such as the European Union’s carbon tax regime and India’s proposed Carbon Credit Trading Scheme (CCTS) are transforming environmental, social and governance (ESG) practices from a voluntary reporting exercise into a key compliance and business priority for companies, industry experts said.They cautioned that companies lacking credible carbon data systems and traceable reporting…
India Bullet Train Project: India’s bullet train project: Nine years later, is the dream finally nearing reality?
When Prime Minister Narendra Modi and former Japanese Prime Minister Shinzo Abe laid the foundation stone for India’s first bullet train project in Ahmedabad in September 2017, the event was presented as more than just the launch of a railway corridor.It was pitched as India’s first major step into the world of high-speed rail —…
Us Tariffs Refunds: US tariff row: Refunds in limbo as Donald Trump administration moves to appeal court order
The Trump administration has said it plans to appeal a federal court order that would allow all importers who paid now-struck-down tariffs to seek refunds, a move that could slow or partially halt a multibillion-dollar repayment process already underway.Businesses across the United States have already begun receiving refunds after the US Supreme Court ruled that…
Cotton duty relief: Textile industry welcomes import tax waiver, sees boost for exports and MSMEs
The Centre’s decision to exempt all customs duties on cotton imports for five months till October 30 is expected to improve cotton availability, reduce input costs and strengthen the competitiveness of India’s textile sector, the Textile Ministry said on Saturday, PTI reported.Industry bodies welcomed the move, describing it as timely relief for the textile and…
DigiYatra to expand to 27 more airports by next year, 10 crore journeys completed
DigiYatra, the facial recognition-based airport travel platform, will be rolled out at 27 more airports by next year, the civil aviation ministry said on Saturday, as it highlighted the initiative’s growing adoption across the country, PTI reported.DigiYatra, which enables contactless and seamless passenger movement at airports using Facial Recognition Technology (FRT), is currently available at…