Customs Duty

  • 11 Chinese detained at Kolkata airport for illegally carrying sandalwood December 5, 2013

    Kolkata:Eleven Chinese nationals have been held at Kolkata airport on Thursday for illegally carrying 270 kg of sandalwood. The Chinese nationals were detained at the NSC Bose International Airport with the cargo worth about Rs 2.7 lakh. But customs officials say the price of sandalwood is many times over in China. All...
  • Gold to become costlier by Rs 600 after duty hike August 13, 2013

    Gold will become costlier by about Rs 600 per 10 grams following government's decision to hike customs duty on the precious metal, according to jewellers and bullion traders. Gold price is ruling at Rs 29,825 per 10 gram in the national capital. Opposing the move, industry said the hike in import...
  • Delhi: Gold worth over Rs 70 lakh seized at IGI June 10, 2013

    New Delhi: Gold worth at least Rs 70 lakh was seized by customs officials in three separate incidents at Indira Gandhi International Airport here and two persons were arrested in this connection. Customs officials said they found gold bars weighing 448 gms outside a washroom at the airport, which may...
  • Budget: 'Fiscal deficit to be capped at 4.9 pc of GDP' February 25, 2013

    Motilal Oswal has come out with its report on Budget preview. The research firm expects fiscal deficit to be restrained within 4.9 per cent of GDP in FY14. (i) Signs of improvement in the fiscal situation are visible. Tax collections remain robust. Significant expenditure cuts have also been effected. We estimate...
  • Govt removes taxes on nonsubsidised LPG cylinders September 21, 2012

    New Delhi: In a major relief to the common man, the Centre on Friday removed all taxes on nonsubsidised LPG cylinders. Announcing the decision, Finance Minister P Chidambaram said that there will zero customs duty and VAT on nonsubsidised cylinders. The FM also welcomed the decision by some of the states...
  • Infographics: Union Budget 201213 March 16, 2012

    Graphical representation of the highlights of Pranab Mukherjee's Union Budget for 201213. ...
  • Budget 2012: Full text of Pranab Mukherjee's speech February 14, 2014

    Budget 20122013 Speech of Pranab Mukherjee Minister of Finance March 16, 2012 Madam Speaker, I rise to present the Union Budget for 201213. For the Indian economy, this was a year of recovery interrupted. When one year ago, I rose to present the Budget, the challenges were many, but there was a sense that...
  • 'Fuel price hike, duty cut to contain inflation' June 29, 2011

    New Delhi: Defending the government's decision to raise prices of petroleum products, the Plan panel on Wednesday said it would suck money from the system and ease inflationary pressure in the long run. "As we are raising the prices, that will pull money away from the system. That would have a...
  • Adani MD arrested for evading customs duty February 27, 2010

    Ahmedabad/Mumbai: CBI has arrested Rajesh Adani, Managing Director of Adani Enterprises, a part of the Rs 26,000 crore Adani group, on charges of evasion of customs duty to the tune of Rs 80 lakh. "CBI arrested Rajesh Adani, one of the directors of the Adani Exports (now named Adani Enterprises)," agency...
  • Budget 2009: Duties on lifesaving drugs reduced July 6, 2009

    New Delhi: The Government on Monday reduced basic customs duty on influenza vaccine and nine other specified lifesaving drugs used for treating breast cancer, hepatitisB, rheumatic arthritis, etc. The Government has also reduced basic customs duty for two bulk drugs used in manufacturing these medicines from 10 per cent to five...
  • Customs probe business tycoons' jets for duty evasion July 6, 2008

    Mumbai: The Central Board of Excise and Customs have sent notices to several corporates across India for evasion of customs duty on import of private jets. The evasion amounting to several hundred crores of rupees came to light after two jets belonging to Reliance Industries were seized by the customs...
  • Duty rejig to bring down prices of imported liquor July 5, 2007

    Mumbai: Additional customs duty on all imported liquor other than wine has been done away with. But does you drink really get cheaper? At Mumbai's Hard Rock Caf bartender Santosh Hegde likes getting his mixes just right. His ear studs flashing with each bottle twirl. He is rather pleased today, foreign...
  • SIT: Govt revenue slips on marble March 5, 2007

    New Delhi: When one looks at imported marbles, one can hardly imagine that there could be crores of rupees of fraud in their import. But that is exactly what the CNNIBN Special Investigation Team has found out when it hit upon a multicrorerupee scam in marble imports. The marble industry...
  • Inflation impact: Customs duty cut June 18, 2007

    New Delhi: The Government on Monday reduced customs duty on cement, raw materials, capital goods and a slew of other items to lower manufacturing and infrastructure development costs which have been threatened by record inflation. Inflation has touched a twoyear high and now stands at 6.12 per cent. Customs duty has...