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www.thedollarbusiness.com Vol.3 Issue 132 Friday, June 23, 2017 For subscribers only

3099.48TMT, crude oil production in India during May 2017, 0.73% higher compared to May 2016
22.37%Growth in rice exports in May 2017, compared to the same month in 2016, as per Ministry of Commerce, GoI

News update

FTA between UK and India will be easier to accomplish once UK exits EU, Sujit Nair

With Brexit’s uncertainty I doubt whether UK would enter into totalisation

Sheela Mamidenna

As Brexit was decided through a democratic process, any leader who comes to 10 Downing Street (Home of the British Prime Minister), is obliged to take forward the process. But what might differ is how the final Brexit deal might look like. Under Theresa May government, it strongly prefers a hard Brexit which will give full power to Britain to control its borders, make new trade deals and replace all EU laws with UK laws.

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AK Bhalla leaving DGFT, will be new Power Secretary

Bhalla(right) will take on the position of Power Secretary from June 30.

The Dollar Business Bureau

Bhalla, a 1984 batch IAS officer of the Assam-Meghalaya cadre who earlier served as the Additional Secretary in the Ministry of Commerce, will be joining as the new Power Secretary. He will take over the new charge from Power Secretary P K Pujari, who is retiring on June 30.

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FIEO sets export target of $325 bn for this fiscal

FIEO organised an interactive session with Rita Teaotia.

The Dollar Business Bureau

“Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18,” the exporters’ body Federation of Indian Export Organisations (FIEO) said in a statement.

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Local oilseed crushers want government to raise import duties on edible oils

Indian farmers are demanding better prices and a relief from debts.

The Dollar Business Bureau

The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels.

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'Foreign Trade Policy review by July 1 GST rollout'

Teaotia said exporters sought support to grow in the coming few years.

The Dollar Business Bureau

The Commerce Ministry will finish the mid-term review of Foreign Trade Policy (FTP) earlier than expected so that it would coincide with the rollout of Goods and Services Tax (GST) on July 1, a senior official said on Tuesday, while adding that exporters have asked for policy incentives to boost exports.

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NASSCOM lowers IT export growth estimates to 7-8% in 2017-18

The exports of the sector contribute about 80% of its revenues.

The Dollar Business Bureau

“The outlook for the IT industry in fiscal 2017-18 is 7-8% growth in exports and 10-11% in the domestic market as against 10-12% in 2016-17,” NASSCOM said in a statement. The Indian IT services sector has been coping with a slowdown in the business of banking and financial services, which contributes a major part to the revenues.

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Circulars & Notifications

Kannur International Airport in the State of Kerala declared as Customs Airport Dated 23rd June, 2017 | Copy of | Notification NO.56/2017 | In exercise of the powers conferred by clause (a) of sub-section (1), read with sub-section (2) of section 7 of the ... Read more

Project Imports Regulations, 1986 amended 1st Amendment of 2017 Dated 23rd June, 2017 | Copy of | Notification NO.24/2017 | In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of ... Read more

Cooperation Agreement Bilateral Safeguard Measures Rules, 2017 notified Dated 21st June, 2017 | Copy of | Notification NO.55/2017 | In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975) ... Read more

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