Search Result for : Mmtc

The Dollar Business Bureau In order to increase local supplies and to control rising prices, the Government on Thursday levied a minimum export price (MEP) of $850 per metric tonne (MT) on onions till the end of this year.   Minimum Export Price is the minimum rate below which exports are not allowed. In December 2015, the Government has scrapped the MEP of onion. “Export of all varieties of onions will be allowed only on Letter of Credit (LC) subject to a minimum export price (MEP) of $850 FOB per metric tonne till December 31, 2017, Directorate General of Foreign Trade (DGFT) said in a notification (No.39/2015-2020), dated November 23. The retail prices of onion have surged to Rs.50-65 per kg in most of the ...

Aamir H Kaki  There is a need to give ‘added incentives’ in order to promote the environment of startups and entrepreneurship in the country, Jitendra Singh, Minister of State for the Ministry of Development of North Eastern Region (DONER) said on Thursday.  “The youth will be given incentives if they are starting an indigenous venture such as a startup in the field of traditional art forms,” he said after inaugurating the 4th India International MSME & Startup Expo in New Delhi.  “Our ministry has set up a venture fund for the northeast region, where if a person wants to start a business, the Ministry of DONER funds that initiative,” he said.  He suggested that similarly if a person from a State wants to start ...

The Dollar Business Bureau The DGFT issued a trade notification TRADE NOTICE NO.04/2018 on April 21, 2017, specifying that unrefined gold or dore can be imported only by those refineries that hold a valid licence from the Bureau of Indian Standards (BIS). This will be effective from June 1. India imported $381,006 million worth of dore in 2015-2016 and $308,813 million in FY 2017. On an average India imports nearly 200 tons of dore in a year. It should be recollected that the government had announced an increase in the excise duty on dore gold from 8% to 8.75% and excise duty from 9% to 9.5% thereby decreasing the duty differential with bullion that attracts an excise duty of 10%. Refineries in the ...

The Dollar Business Bureau In order to meet domestic demand, India has imported 27.48 lakh tonnes of pulses in the period April-October of the current fiscal, the government said. Overall pulses imports by the government agencies and private sector stood at 27,48,473 tonnes, said C R Chaudhary, Minister of State for Food and Consumer Affairs, in a written response to the Lok Sabha on Wednesday. The country had imported 57.97 lakh tonnes of pulses in the last fiscal, as per the data provided by the minister. “The government has permitted to create up to 20 lakh tonnes of buffer stock of pulses through local procurement and imports,” Chaudhary said. Pulses for buffer stock are procured at the current market rate if the prevailing market rate is ...

The Dollar Business Bureau Metals and Minerals Trading Corporation of India (MMTC) will partner with the State Bank of India (SBI) to sell government-minted Indian Gold Coin. MMTC has already collaborated with more than half a dozen banks, including Andhra Bank, Federal Bank, HDFC Bank, ICICI Bank, Indian Overseas Bank, Vijaya Bank, Yes Bank, and has sold over one lakh pieces of Indian gold coin. The company has set a new target of selling 5 lakh pieces, in 5gm, 10gm and 20 gm denominations over the next few years. "Ever since Prime Minister Narendra Modi launched the coin on November 5, 2015, we have tied up with seven banks to sell it," MMTC Chairman and Managing Director Ved Prakash told PTI. Prakash said the gold coin is ...

The Dollar Business Bureau With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council has launched a multimedia advertising campaign starting this week that includes newspapers, radio, digital and select cinema halls. More information on Indian Gold Coin can be accessed on www.indiangoldcoin.com or toll free number 1800 1800 000. The Indian Gold Coin is available in denominations of 5 gm and 10 gm coin and 20 gm bar. The coins are currently available at all MMTC outlets across India, along with select branches of seven Banks - Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank. Indian Gold Coin is available at about ...

The Dollar Business Bureau The government has decided to import 90,000 tonnes of chana dal through state-owned trading firm MMTC and analyse import duty on sugar to boost domestic supply. Cabinet Secretary P K Sinha on Wednesday reviewed the stock and the prices of essential commodities. He also asked the Department of Consumer Affairs to consider all available options to check the prices of sugar and chana dal. The Central government has asked the State governments to impose stock limits and take adequate action against hoarders to make sure that all the essential commodities are available during the ongoing festival season. The secretaries of consumer affairs, agriculture, food, commerce, expenditure and several others attended the meetings. "It was observed that the recent measures taken by ...

The Dollar Business Bureau In order to control the rising pulses prices, the government has given directions to state-owned MMTC for importing additional 30,000 tonnes of urad and tur for the buffer stock to be sold in open market at subsidised prices. “The government has decided to import further 30,000 tonnes of pulses, consisting of 20,000 tonnes of tur and 10,000 tonnes of urad, for the buffer stock," a statement by Food Ministry said. A Price Stabilisation Fund meeting on Thursday, headed by Hem Pande, Consumer Affairs Secretary, has taken the decision in this regard. The meeting also reviewed the pulses distribution and procurement for buffer stock. In spite of repeated requests, the states have picked up just 4,721 tonnes of pulses till ...