Insurance company will bear the cost of digitising. It will in turn benefit from lower expenses on servicing policies.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Apple sought exemption from mandatory local sourcing of components for its products
Re-instatement of 5% custom duty on crude imports will help.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
Economic offender Narendra Kumar Rastogi was on Friday extradited from the United States to India to face charges in a custom duty evasion case to the tune of Rs 54 crore for exporting scrap to various countries.
The Supreme Court has dismissed the appeal of ACC Cement, ruling that if a product is manufactured by one firm and sold by another with the latter's brand name, that sale would attract sales tax, not the first transaction.
All competitors who shoot the Minimum Qualification Score at the National Shooting Championship competitions will be exempted from customs duty on import of equipments.
The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
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The interest on foreign currency non-resident accounts has been liberalised to attract more deposits.
GST, which will replace almost all central and state taxes, could have two components of 8 per cent each -- one will go to the Centre and the other to the states, according to sources familiar with the talks between the Centre and the states. However, it will not cover tax on petroleum products and Customs duty.
International automakers have supported the Hyundai Motor's demand for a two-year notice period before any changes are made by the Indian government with regard to excise or custom duties for the auto sector.
The government raised import tariff value on gold to $385 per 10 grams.
'We failed as a country because those who should have been there to say goodbye did not show up.'
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The airline industry remained largely undecided on the exact quantum of increase in fares following the hike in ATF prices. Industry sources, however, said the prices might increase by Rs 150 for short haul routes and Rs 300 for long haul routes.
The government on Thursday banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. There would be no change in export policy of par-boiled non-basmati rice and basmati rice, which forms the bulk of exports, the food ministry said in a statement. Non-basmati white rice constitutes about 25 per cent of total rice exported from the country.
With the Centre allowing the states to impose a host of local taxes on imported wines and spirits, the euphoria over the prospects of buying foreign liquor at cheaper rates may fizzle out.
Wine aficionados have taken heart from the news that the GoI has 'decided' to remove additional customs duties on imported alcoholic beverages from July.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined. In FY23, the Centre's gross borrowings are budgeted at Rs 14.1 lakh crore and of the states at Rs 8 lakh crore, or a combined borrowing of Rs 22.1 lakh crore, according to the agency.
Sputnik V is the third vaccine India has given the go-ahead to after 'Covishield', developed by Oxford University and AstraZeneca and 'Covaxin', the indigenous vaccine manufactured by Bharat Biotech. Covishield is manufactured by the Serum Institute of India.
Higher input cost is likely to weigh on Auto sector's Q4 numbers.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
Imposing yet another restriction, the European Union has demanded mandatory certification from Indian authorities for every imported Basmati consignment as belonging to specific strains of traditional varieties to be eligible for customs duty concess
The first consignment of 75,000 vials will reach India on Friday, it added.
This follows a widespread criticism of its pricing policy as it sold Covaxin to the central government at Rs 150 per dose.
It was not immediately clear as to how many days he will stay in Pakistan.
Imported liquor is all set to become cheaper with the government likely to bring in a Bill in Parliament next month to scrap additional customs duty on wines and spirits
It is now becoming increasingly clear that rising imports have played a significant role in sustaining the buoyancy in revenues from GST, notes A K Bhattacharya.
but it had a mixed view on the new tax proposals burdening the capital market.
With the prices touching a two-year high, CEOs of leading companies expect a cut in corporate tax and measures to boost the capital markets in the Budget 2007-08 to be presented on February 28.
While the Trump administration wants India to lower the trade barriers and embrace "fair and reciprocal" trade, India has raised tariffs on 28 items exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
The bowler England have pined for all summer is making his comeback from a horrific injury too late for this week's fifth Test against South Africa.
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
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