Search Result for : Importers

The Dollar Business Bureau The Reserve Bank of India (RBI) on Tuesday scrapped issuance of guarantees in the form of Letter of Undertaking (LoU) and Letter of Comfort (LoC) by the commercial banks, with immediate effect. The latest regulatory clampdown by the RBI came in the wake of fraud in Punjab National Bank (PNB), as the regulator tries to plug a loophole and improve due diligence in trade credit by banks.  However, the regulator said that the Letters of Credit and bank guarantees may continue to be issued, subject to meeting certain rules. These instruments are a forms of trade finance used by importers for funding their international purchases. “On a review of the extant guidelines, it has been decided to discontinue the practice of issuance of LoUs/LoCs for Trade Credits ...

The Dollar Business Bureau The Customs department takes cognizance of the technical difficulties faced by importers during filing of Bill of Entry and orders that payment of late charges should not be levied by the concerned customs officer subject to sufficient cause of the delay. In its latest notification dated August 31, 2017, vide Customs instruction no: 12/2017, the department takes notice of the challenges faced by importers during filing of Bill of Entry. “Many a time, importers have not been able to file Bill of Entry for clearance of imported goods within stipulated time period because of certain technical problems related to ICEGATE connectivity, server etc. It Is also brought to notice of the Board that there are instances when, even after ...

By Abin Daya The Government is working to improve the ‘ease of doing business’ ranking of the country, and one of the areas of focus is the time it takes for manufacturers to get their imported raw materials and components, out of the port and into their factories. The numbers are not very encouraging, and it currently takes about 9-10 days to get a container out of the port and on its way to the manufacturer. With a view to improving this, the Direct Port Delivery arrangement was started in 2016. How is it faring? Please read on in this week’s update. The most important story of this week, definitely, is the 25 bps cut that the Monetary Policy Committee permitted on ...

The Dollar Business Bureau The CBEC has issued a clarification regarding double taxation of IGST on High Sea Sales of imported goods. It had come to the notice of the Customs Board for a clarification whether High Sea Sales of imported goods would be charged IGST twice - under sub-section (7) of section 3 of Customs Tariff Act, 1975 and also separately under Section 5 of The Integrated Goods and Services Tax Act, 2017. The Board issued a clarification on the same vide Customs circular no- 33/2017 dated August 1, 2017. ‘High Sea Sales’ is a common trade practice whereby the original importer sells the goods to a third person before the goods are entered for customs clearance. After the High sea sale ...

The Dollar Business Bureau Krishnapatnam Port Container Terminal (KPCT) has launched a weekly mainline service to China which will be operated by Maersk line in partnership with Hanjin Shipping of Korea. Maersk Line MD Franck Dedenis and KPCT Director and CEO Anil Yendluri inaugurated the mainline service at Krishnapatnam Port on Monday. This new service will offer competitive services to the exporters and importers of South Indian states particularly Andhra Pradesh, Telangana, Karnataka and Tamil Nadu to transit bulk cargo to the ports of China, South-East Asia, and other Asian countries. Currently, it takes 40-45 days for the cargo from South India to reach the consignee in China. This will be reduced by 50% with the launch of the direct mainline service. Anil Yendluri said that Bangalore, Hyderabad ...

Foreign portfolio investors (FPIs) sold shares net Rs.2,788.57 crores during the week as per the SEBI's record including the provisional figure of February 12 Source: PTI The RBI fixed the reference rate for the US dollar at 68.4365 and the euro at 77.3606 from last weekends level of 67.6365 and 75.7326, respectively.   Markets continued to fall for the second conscutive week due to persistent selling from operators and investors on concerns over global economy and weak results from banks. Relentless selling in the stock market is coming from redemption pressures, margin calls, crude slumping to multi- year lows, depreciating rupee against dollar and disappointing earnings, said Gaurav Jain, Director of Hem Securities. Weak earnings from public and private sectors banks on account of higher ...

The port is making adequate arrangements in terms of yard and equipment for extending port delivery facility to its maximum clients The Dollar Business Bureau The move will encourage the trade for usage of rail transportation and reduce the congestion and pollution on the roads around JNPT Jawaharlal Nehru Port Trust (JNPT), Indias first container port built on the concept of operating Container Freight Stations (CFS) beyond terminal premises, on Friday extended its direct port delivery (DPD) facility to all accredited importers irrespective of their trade volume. The extension of port delivery facility will immediately benefit about 143 accredited client programmer (ACP) agencies of JNPT. At present, only 10-14 agencies that are fulfilling the criteria of importing more than 300 TEUs (Twenty-Foot Equivalent ...

The government is watchful of pulses imports as imported pulses are kept idle at ports, said Commerce Minister Nirmala Sitharaman. Source: PTI The Commerce Ministry on Thursday held a meeting with pulse importers to determine the quantity required to be imported in coming months and supplies in global marketsp>   The government is examining the need to import more lentils to boost domestic supply even as it keeps a tab on imported pulses lying idle at ports and prices continue to rule at up to Rs.178 per kg. The Commerce Ministry on Thursday held a meeting with pulse importers to determine the quantity required to be imported in coming months and supplies in global markets. The government is watchful of pulses imports as imported pulses ...