Commerce Ministry to discuss issues related to WTO agenda
The Dollar Business Bureau Senior officials of the Ministry of Commerce will discuss and deliberate upon several major issues with regards to World Trade Organisation (WTO) in New Delhi this week. Indian officials posted at the WTO headquarter in Geneva (Switzerland), including JS Deepak - Permanent Representative of India to WTO, will take part in the deliberations, according to an official. The key issues that would be discussed include the matters related to the upcoming WTO ministerial conference in December in Argentina, subsidies on fisheries and permanent resolution on government’s stock-holding of foodgrains for the purpose of food security. The WTO ministerial conference is the topmost body for decision making. The issue pertaining to food security concerns various developing countries which offer foodgrain at subsidised ...
Iran asks India to clear $6.5 bn oil dues in two months
Source: PTI Iran has asked India to pay within two months $6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said. "Part of the payment in US dollar or euro and part in Indian rupees," he said adding Iran will open a new account with one of the Indian banks for receipt of the rupee payment. The dues to Iran on crude oil that refiners buy have accumulated as Western sanctions blocked payment routes since 2013. About 45% of the oil import bill is paid in rupees in a Uco Bank branch and the rest has accumulated. The official said the payment to Iran can be either through Reserve Bank of India (RBI) ...
Coal India to produce 1000 million tonnes of coal by 2020
Source: PIB, Government of India Coal production in the country has increased from 556.4 million tonnes in 2012-13 to 610.8 million tonnes during 2014-15, Minister of State (IC) for Power, Coal & New and Renewable Energy, Piyush Goyal informed the Lok Sabha on Thursday. The details of company-wise and State-wise production of coal in the country during last three years and current year are given below:- (In Million Tonnes) Company State 2012-13 2013-14 2014-15 2015-16 Actual Actual Provisional April-June 2015 (Prov) West Bengal 17.59 18.88 20.61 4.673 Jharkhand 16.32 17.17 19.40 4.442 ECL 33.91 36.05 40.01 9.115 West Bengal 0.07 1.55 1.05 0.655 Jharkhand 31.14 31.07 33.46 8.155 BCCL 31.21 32.61 34.51 8.810 Jharkhand 48.06 50.02 55.65 12.590 CCL 48.06 50.02 55.65 12.590 Uttar Pradesh 16.09 14.72 14.96 3.145 Madhya Pradesh 53.93 53.92 57.53 15.111 NCL 70.02 68.64 72.48 18.256 Madhya Pradesh 6.31 5.55 5.79 1.547 Maharashtra 35.98 34.18 35.36 8.714 WCL 42.29 39.73 41.15 10.261 Madhya Pradesh 15.18 14.12 13.08 3.299 Chattisgarh 103.04 110.14 115.19 27.857 SECL 118.22 124.26 128.28 31.156 MCL Odisha 107.89 110.44 121.38 31.069 NEC Assam 0.60 0.66 0.78 0.070 Total CIL 452.21 462.42 494.24 121.327 SCCL Andhra Pradesh 53.19 50.47 52.54 13.650 Others - 51.00 52.88 64.06 9.57 Total 556.40 565.77 610.84 144.54 In a written reply to the House, Goyal said that as per Annual Plan document 2015-16 of Ministry of Coal, the annual target for overall coal production for 2015-16 has been fixed at 700 million tonnes. However, an action plan has also been drawn ...
PM Modi's foreign trips bring in $19.78 billion FDI
The Dollar Business Bureau India received Foreign Direct Investment (FDI) of up to $19.78 billion from 12 countries visited by Prime Minister Narendra Modi during the financial year 2014-15. Modi visited Bhutan, Brazil, Nepal, Japan, the US, Myanmar, Australia, Fiji, Seychelles, Mauritius, Sri Lanka and Singapore after he took charge in May last year. According to Commerce and Industry Minister Nirmala Sitharaman, overseas investment through FDI reached $30.93 billion, registering an increase by 27% during 2014-15. Of the total inflow, $19.78 billion came from countries visited by the Prime Minister. At the same time, $3.42 billion was invested by the Indian companies in these countries, the government data revealed. “The total outflow and inflow of foreign investment in general for 2014-15 fiscal ...
India exported Rs 2600 crore defence items in last five years
The Dollar Business Bureau In a move to encourage indigenous defence production, India in the last one year, exported defence items to 22 countries including the United States, the UK, Israel and Russia. Major exports from India included shipping forging equipment, electronic assemblies and flight control panels to the US; transmitting tubes to the UK ; MIG and Sukhoi 30 aircraft spares and services to Russia; Cheetal helicopters to Afghanistan; Dhruv helicopters and bulletproof jackets to Nepal; and Sukhoi 30 avionics and MIG spares to Malaysia. The total defence export was valued at Rs.669.88 crore in 2014-15, while the figure was Rs.686.27cr a year ago. The country’s defence export increased to Rs.446.75 cr in 2012-13 from Rs.512.48 crore in 2011-12 and ...
GoI not to impose fresh import duty on gold
The Dollar Business Bureau Gold is India’s second highest import item in terms of values, and the spike in its imports had widened the current account deficit in 2013, sparking the country’s worst currency turmoil since a balance of payment crisis in 1991. India and China are the world’s largest buyers of gold. But after the massive selling in the Shanghai gold exchange on Monday, the gold prices have seen a downward spiral in the recent past and stooped to a five-year low. Although the traders hoped that the metal would perk up in India or elsewhere in Asia. A fresh round of the purchase of gold is expected from the households, as it is still considered the best and safe investment ...
Global info exchange must to curb tax evasion, India tells G-20
The Dollar Business Bureau Stressing on the need to keep a check on tax evasion by multi-national companies (MNCs), India has asked the G20 members to expedite the implementation of a common reporting standard to ensure automatic exchange of information among countries. “There is a need to ensure that the common reporting standards on automatic exchange of information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay. The problem of black money and illicit flow to offshore jurisdictions and tax havens can be addressed only if this is implemented at a global level,” Union Finance Minister Arun Jaitley ...
