The broader markets ended higher with mid-caps and small-caps adding 0.5-0.8 per cent on the BSE.
The case has been registered against entities such as the Halal India Private Limited Chennai, Jamiat Ulama-i-Hind Halal Trust Delhi, Halal Council of India Mumbai, Jamiat Ulama Maharashtra and others for allegedly exploiting religious sentiments to boost sales by providing halal certificates to customers of a specific religion, the UP government said in a statement on Saturday.
The Commerce Ministry is set to unveil the annual review of the Foreign Trade Policy on April 11. It would not be exports alone which would be the focus, but steps to ease imports are also likely to give a boost to supply of essential commodities.The government is facing political pressure from many quarters, including the Left parties, to check the rising prices within a couple of weeks.
In a move aimed at checking the revenue loss stemming from Indian shoppers purchasing luxury brands abroad, the government on Friday said it could rationalise import duties."India has high tariffs and we recognise that if you go abroad and buy, then it is a revenue loss for India. So we are working on both duties and countervailing duties," Union Commerce Minister Kamal Nath said.
The multi-product SEZ will bring in more than Rs 2.11 lakh crore of net foreign exchange in 30 years.
The commerce ministry is currently firming up the annual supplement to the FTP, which is likely to be unveiled in April. Referring to the export performance during 2007-08, Commerce Minister Kamal Nath said, actual export was likely to remain short of the target of $160 billion. The exports during the year were likely to reach a level of $152-155 billion, he added.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
The drug maker will lose some incentives if its membership is suspended, sources in Pharmexcil said.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
India will take up with Argentina the import restrictions imposed by it, as they have implications on the country's shipments to the Latin American nation, a top Commerce Ministry official said.
rediffGURU Geeta Ratra offers expert advice on international courses, student visas and immigration processes.
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
Lakhs of jobs are at stake.
The commerce ministry has consented to 10 per cent disinvestment in MMTC that can fetch the government Rs 17,000 crore (Rs 170 billion)at present valuation.
Pakistan desires the "negotiated settlement" of all issues with India, Prime Minister Yousuf Raza Gilani on Tuesday said adding both countries should stand by each other and share happiness and grief.
Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
The inflation rate inched closer to 7%. the government has started pulling out all stops to boost domestic supply situation by withdrawing incentives on export of at least 40 items, including steel, cement and non-basmati rice. The Commerce Ministry withdrew or temporarily suspended the tax refund scheme - Duty Entitlement Pass Book. Besides measures to discourage exports, the government is considering more fiscal steps to improve supplies and rein in inflation, he indicated.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
Finance Minister P Chidambaram is expected to extend a relief package for leather and textile exporters, who are hit by the rupee appreciation, as demanded by the commerce ministry.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
The drafts or rules are prepared by Directorate General of Safeguards and it is to be issued by Finance Ministry in consultation with commerce ministry. The government may impose safeguard duties, which could be as high as more than 100 per cent, after thorough investigations confirm that import surge is leading to 'serious injury, market disruption' to domestic industry.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
Lahore High Court Chief Justice Sheikh Azmat Saeed on Friday directed the Commerce Ministry and Film Censor Board to file their replies to the petition filed by film producer Kamran Ijaz.
The government has notified new rules to enforce Intellectual Property Rights at the imports stage. The notifications prohibiting import or export of goods that infringe on IPR have also been issued.
The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
The electronics and software export promotion body has requested the commerce ministry for support schemes for boosting exports in view of the severe global export constraints.
The long awaited-resumption of border trade between India and China through the Nathu La pass in Sikkim has been finally set for June 30.
An empowered group of ministers had effected on April 5 major changes in SEZ rules, also setting the 5,000 hectare cap.
