Search Result for : Import Policy

Customs prohibits Red Sanders from being imported

The Dollar Business Bureau Red Sanders wood, an endangered species of flora protected under the Convention of International Trade in Endangered Species(CITES) of Flora and Fauna, has been prohibited from being imported by the Directorate General of Foreign Trade. Earlier this wood was free to be brought into the country, but the government has through a notification specified that it has shifted imports of this wood from free to the prohibited category. Red Sanders in India is found mainly in the Seshachalam hill ranges spread across the Rayalseema and Nellore regions of Andhra Pradesh. Possession or selling of this prized wood is considered to be illegal. This wood has a huge demand in the markets of Japan and China as it is valued for its ...

Lamborghini sales growth in India to continue in 2017

The Dollar Business Bureau Luxury car maker Lamborghini expects a double digit growth this year in the sales of its exclusive super sports cars in India, citing stable import policy has supported in its sales growth. The Italian brand has two product launches lined up in India in 2017, including the new Avendator. Earlier this month, the company has launched the convertible Huracan Spyder with rear-wheel drive, which is priced at Rs.3.45 crore. The Italian sports car manufacturer is preparing to cash in on the rise of a new breed of consumers in India - the first generation entrepreneurs, specifically from tier II and III cities and also the women buyers. “In 2017, I expect that the segment should carry on with its double ...

Minimum import price of areca nuts enhanced

The Dollar Business Bureau The government today announced an increase in the minimum import price (MIP) of areca nuts by Rs.89, from existing Rs.162 to Rs.251 per kg, to encourage domestic producers and discourage low-cost inferior-quality imports of the product from the neighbouring countries. In its latest notification No.35/2015-2020, dated January 17, 2017, the central government amended the import policy of areca nut under Exim Code 080280 of Chapter 8. It should be recollected that in June 2015 too the government had increased the minimum import price of areca nuts by Rs.52 to Rs.162 per kg. In an official statement then released the government had specified, "On account of unabetting import of areca nut from neighbouring countries such as Indonesia and Myanmar taking the advantage of low import duty ...

Government discussed about the MIP continuation

The Dollar Business Bureau The government has imposed lot of measures in order to check the steel import and is also in discussion with the industry on alteration and the continuation of MIP on steel products. This year, during the month of February, the government has imposed a minimum import price on 173 steel products ranging between the $341 to $752 per tonne. This has come as a big relief for the domestic companies from the cheap in -bound shipments especially from countries like Korea, China and Japan. Aruna Sundararajan, Steel Secretary said, “People have given us representations, some for addition some for deletion. So we have to examine those.” She also added that, “We have to look for two things. First the merit of the argument ...

Oil PSUs to devise their own import policies

The Dollar Business Bureau The Union Cabinet on Wednesday has given its consent to replace the existing import policy on crude oil, which provides leeway to the oil PSUs to evolve their own crude import policies. This is being done so that the PSU’s can get cheaper cargoes in an oversupplied oil market and enhance profitability. This will provide the state-refiners a more efficient, dynamic and flexible policy for obtaining crude oil, thus in turn, benefiting the end consumers. The new import policy puts oil PSUs on the same line with private entities such as Essar Oil and Reliance Industries that are not bound by Government regulations and can earn substantial refining margins. The existing policy, approved by the Cabinet in the year ...

Palm oil industry demands separate import policy

The industry has also demanded a hike in the import duty on palm oil to 45% from the current 12.5% and sought for a budget of Rs. 10,000 crore for the sector The Dollar Business Bureau Ahead of the Budget for the coming financial year, the palm oil industry has asked the government to formulate a separate import policy to ensure a level-playing field for domestic palm growers and oil producers who have been battling cheap imports of edible oil triggered by the global demand slump. “There is a need for a separate palm oil import policy. This will ensure that import duty of palm oil can be increased to a level sustainable to the farmer/ industry. This will ...

Amendment in import policy of Human Embryo

Dated October 26th, 2015 | Copy of | Notification No.25/2015-2020 | Amendment in import policy of Human Embryo classified under Exim Code 0511 99 99 of Chapter 05 of ITC (HS), 2012 – Schedule-1 (Import Policy). In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the import policy of ‘Human Embryo’ classified under Exim Code 0511 99 99 of Chapter 05 of ITC (HS), 2012 – Schedule-1 (Import Policy). 2. Import policy of the item ‘Human Embryo’ classified under EXIM Code 0511 99 99 in Chapter 05 of ITC (HS), 2012 Schedule I (Import Policy) ...

Notification on EXIM Code 1005 Maize (Corn)

Dated December 10, 2014 | Policy Circular No. 14 – (RE-2013/2009-2014) | Subject: Keeping in abeyance the Notification No. 93 dated 29.09.2014 in respect of item at EXIM Code 1005 Maize (Corn) The Notification No. 93 (RE-2013) dated 29.09.2014 has, inter alia revised the Import Policy for EXIM Code 1005 – Maize (Corn) (1005 90 00 – Other), removing the item from the “State Trading Enterprises” list to “free”. The notification, however, has been challenged before the Hon’ble High Court of Andhra Pradesh and Telengana at Hyderabad in WP No.34771 of 2014 and in pursuance of the prayer im WPMP no. 43494 of 2014, the Hon’ble High Court passed interim order dated 21.112014, maintaining status quo by both parties till ...