Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
In the 2012-13, car sales in India fell 6.69 per cent, which was the first decline in a decade.
Securities regulator Guo Shuqing is tipped to take the helm at the $482 billion state investment vehicle, China Investment Corp, and China's chief trade representative, Gao Hucheng, is seen running the Commerce Ministry, two sources with leadership ties told Reuters.
.jpg)
India's trade deficit widened to $20.1 billion in May because of high gold imports while exports declined by over a per cent, raising concerns about economic recovery.
At a time when Flipkart has entered the quick-commerce race with a service called "Minutes", executives at rival players said they are in a wait-and-watch mode. They said they would be concerned only once the e-commerce firm is able to succeed in this space. The Walmart-owned firm's quick-commerce service has gone live in some parts of Bengaluru, putting it in competition with firms such as Zepto, Swiggy's Instamart, and Zomato's Blinkit.
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy or digital tax on overseas e-commerce supplies.
Sri Annapoorna Hotel on Saturday appealed to the people to put to rest unnecessary assumptions and political misunderstanding after a video of its owner apologising to Union Finance Minister Nirmala Sitharaman over his remarks on Goods and Services Tax (GST) went viral on September 13.
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
Hyperlocal delivery platform magicpin experienced an overwhelming surge in demand at 9 am on Monday, causing its app to crash, leaving users temporarily unable to access the platform. The increased traffic came after the firm announced its "tomatoes @ Rs70" initiative last week in partnership with National Cooperative Consumers Federation of India (NCCF) and Open Network for Digital Commerce (ONDC). This led to magicpin's tomato stocks depleting within the first 10 minutes, leaving many buyers struggling to order.
As promised, Domino's 20-minute delivery started across 170 stores in Bengaluru on Tuesday. But, as the day progressed, some teething issues came to the fore. If delivery partners' accounts are anything to go by, these are unlikely to go away anytime soon.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
"Commerce ministry pushes for all these things. There is no proposal to devalue," a top finance ministry official said. "Exporters would have come to the commerce ministry with this issue. However, there is nothing to discuss from our side."
Worried over continuous decline in exports, the Commerce Ministry has stepped up its pressure on Finance Ministry to expeditiously notify a scheme which was announced in June to boost the overseas shipments.
The Commerce Ministry, according to an official, has proposed interest subsidy for different sectors like engineering which are reeling under the impact of global economic slowdown.
Sharma, who has been regularly reviewing the situation with senior officials, has expressed concern over the drop in industrial performance in the recent months, the statement said.
.jpg)
Single-brand retailers are also allowed to take e-commerce route for such trading.
'Unless the economy is sound in the country how can only three movies collected so much business in a single day?'
Talks for an India-European Union free trade agreement started in 2007 and the eighth round of negotiations was completed in New Delhi last month.
So far 15 rounds of negotiations have been held.
A sample study conducted for the period August-October 2008 by department of commerce for 121 export related companies also revealed loss in export orders to the tune of Rs 1792 crore (Rs 17.92 billion), he said during Question Hour in Lok Sabha.
Allaying apprehensions of a food crisis in view of poor monsoon, minister of road transport and highways Kamal Nath said on Friday the country has enough foodgrain reserves to tackle even the worst monsoon situation.
The study has been conducted by Ernst & Young on behalf of EEPC-India, the apex body of engineering goods exporters.
In what may help beleaguered airlines Kingfisher, the finance ministry has approved a draft Cabinet note floated by the commerce and industry ministry allowing foreign fliers to acquire up to 26 per cent stake in India's aviation companies.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
But commerce ministry works on rules for exemption to contractors.
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.
Job-oriented sectors such as tea, cashew, apparel, carpets, leather, textiles and handicrafts continue to face weak demand in traditional markets such as Europe and the US.
India is negotiating for a comprehensive economic partnership agreement with Malaysia and Japan and a broad based trade and investment agreement with the EU.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11.
Scrapping of the EoU status to petroleum refineries was one of the demands of the Samajwadi Party after it decided to support the United Progressive Alliance government, which is set to face a trust motion in the Lok Sabha. "Amar Singh had met me, but there were no discussions on the EoU issue," said the commerce minister. Nath said everyone has the right to demand changes but it did not mean that the government would act on it.
The exports data for September would be announced next month. The exports data for September would be announced next month.
.jpg)
The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
A policy change on full convertibility of rupee is not possible at present, commerce and industry minister Anand Sharma said in New Delhi. Even finance minister Pranab Mukherjee said on Wednesday that 'we welcome the deal but it should in the context of existing laws of the land'.
The decision to allow 51 per cent foreign direct investment in multi-brand retail was announced in November last year.
The Direct Taxes Code is likely to be implemented from 2011-12. Sources said the bill in this respect may be tabled in Parliament in the Budget session.
Power Minister Anant Geete said on Tuesday that the finance ministry is considering a proposal to restart the Dabhol Power plant, now lying idle for nearly two years.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances