IMPORTS

  • Gold imports surge over 6-fold to US dollar 5.61 billion in November 6 days ago

    New Delhi: Gold imports surged by over six-fold to US dollar 5.61 billion (over Rs 35,000 crore) in November primarily due to a spike in demand during the marriage and festival season, raising fresh concerns of widening current account deficit. Imports of the precious metal stood at US dollar 835.83 million...
  • Gold prices soar by Rs 840 in biggest single-day gain in 2014 December 2, 2014

    New Delhi: Posting this year's biggest single-day rise of Rs 840, gold on Tuesday regained the Rs 27,000 per ten gram level after a gap of over one month in the national capital, tracking rebounds in global markets. In addition, pick-up in domestic demand from jewellers and retailers for the...
  • India eases gold import rule in surprise move November 29, 2014

    Mumbai: India has scrapped a rule mandating traders to export 20 per cent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China. Along with a record duty of 10 per cent,...
  • Government to announce curbs on gold import in a day or two: Sources November 18, 2014

    New Delhi: In the wake of surge in gold imports, the government would soon impose some curbs on its inward shipment to prevent current account deficit (CAD) from going out of hand. "Things are being worked out by the Finance Ministry and some announcements (restrictions) may come in a day or...
  • P Chidambaram advises against lifting curbs on gold imports October 12, 2014

    Mumbai: Former finance minister P Chidambaram has advocated against lifting of curbs on gold imports, saying the benefits accruing from restrictions would far outweigh problems like spurt in smuggling. "No. Not in my view," Chidambaram, who initiated these measures as the Finance Minister in the previous UPA regime in the face...
  • China's gold imports more for holiday; Indian demand set to climb September 26, 2014

    Singapore: Top bullion consumer China has been importing more gold in September than in the previous month due to demand from retailers stocking up for the upcoming National Day holiday, market sources said. Demand in India - the second biggest buyer of the metal - is also set to pick up...
  • PMO asks commerce ministry to cut unnecessary imports September 22, 2014

    New Delhi: Ahead of the Thursday launch of the "Make in India" campaign announced by Prime Minister Narendra Modi on Independence Day, his office has written to the commerce ministry to forge a plan to reduce the country's dependence on unwarranted imports. A commerce ministry source told IANS on Monday that...
  • Ukraine warns of painful winter due to Russian gas cut September 13, 2014

    Kiev: Ukraine warned that it will have to adopt deeply unpopular energy savings measures this winter should Russia fail to lift its suspension of natural gas sales to the Westleaning exSoviet neighbour. Russia in June halted gas exports to Ukraine after Kiev balked at paying higher prices that Moscow demanded...
  • Thailand may ban import of hookah pipes, shisha, ecigarettes September 8, 2014

    Bangkok: Thailand may stop the import of hookah pipes, shisha and ecigarettes as they can be as harmful as cigarettes, officials said. The vapour from chemicals, ignited by electricity, contains small particles of metal, which could cause cancer, said Nopporn Cheanklin, deputy directorgeneral of Department of Disease Control (DDC). More than 20...
  • Gold import rules likely to stay until next year: World Gold Council August 14, 2014

    Singapore: Indian gold demand in 2014 will fall below last year's record levels as import restrictions are expected to remain in place, despite an improvement in demand in the second half of the year, the World Gold Council (WGC) said. Demand in 2014 will be 850950 tonnes, the industry body said,...
  • June trade deficit touches 11month high at $11.76 billion July 16, 2014

    New Delhi: The June trade deficit touched 11month high to $ 11.76 billion against $ 11.23 billion (MoM) and $ 11.28 billion (YoY). Though the imports dipped slightly to $ 38.24 billion against $ 39.23 billion on a month on month basis, it grew 8.3 per cent on a year...
  • Gold jewellery import dips 80 pc from Thailand in 201314 July 11, 2014

    New Delhi: Amid concerns over the certificate of origin issue, import of gold jewellery from Thailand has dipped by 80.7 per cent to Rs 100.46 crore (351 kg) in 201314, Parliament was informed on Friday. "Since 201112, import of gold jewellery from Thailand has come down," Commerce and Industry Minister...
  • Budget 2014: Import duty on stainless steel up 7.5 per cent July 10, 2014

    New Delhi: In a major relief to domestic stainless steel industry, reeling under severe underutilisation of capacity, the government today increased import duty on flatrolled products from 5 per cent to 7.5 per cent. Presenting his maiden Budget, Finance Minister Arun Jaitley said this was done to provide an impetus...
  • India may cut gold import duty at Budget: Industry official July 9, 2014

    Mumbai: India is likely to cut its gold import duty to 6 per cent from a record 10 per cent in Thursday's Budget, leading to a rise in imports in the second half, a senior official at the country's biggest gold trade group said on Wednesday. Higher overseas purchases by the...
  • US says Indian steel threaded rod being dumped, subsidised July 8, 2014

    Washington: The US department of commerce on Monday said that imports of steel threaded rod from India have been dumped and subsidised. Such a determination by the Commerce Department paves the way for imposing antidumping duty by the United States in Indian steel threaded rod by International Trade Commission an...
  • Industry desires import duty on refined edible oil to be increased July 5, 2014

    With the union Budget a few days away, the industry hopes that the import duty on refined edible oil shall be increased. The edible oil industry is going through a tough phase and this is the need of the hour. ...
  • Gold swaps to cut imports, ease payment pressure July 4, 2014

    Mumbai: A plan by the Reserve Bank of India (RBI) to swap old gold in its vaults for purer metal abroad that it could pledge or sell would have the added benefits of reducing gold imports and easing pressure on the balance of payments. The RBI would sell relatively impure gold...
  • Sugar prices to shoot up as government hikes import duty to 40 per cent June 23, 2014

    New Delhi: Sugar prices are likely yo shoot up as the Union government has increase the import duty on the product to 40 per cent. Food and Civil Supplies Minister Ram Vilas Paswan said on Monday that the import duty would be hiked by 25 per cent from the current 15...
  • UK to assist India in ensuring lifting of ban on Mango import June 20, 2014

    London: A British government agency will help Indian authorities to put in place measures needed ahead of the visit of an EU team to India to ensure the ban on import of Alfonso mango is lifted. Leading NRI Labour MP Keith Vaz said that he has received a letter from Prime...
  • Government cuts import tariff value on gold, silver June 2, 2014

    New Delhi: Government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally. In the second fortnight of May, tariff value on imported gold stood at $424 per 10 grams and silver at...
  • Mango import ban: EU to send highpowered delegation to India June 2, 2014

    London: A highpowered team of scientific experts from the European Commission will visit India in September to check measures put in place by the country in order to help lift the EU ban on the import of Indian mangoes. This was confirmed to Indianorigin Labour MP Keith Vaz, who visited Brussels...
  • Gold tumbles by Rs 800 as RBI eases import curbs May 22, 2014

    Gold prices tumbled by Rs 800 to hit ninemonth low of Rs 28,550 per ten grams in the national capital on Thursday after the Reserve Bank eased import norms. Besides, sluggish demand and subdued global cues also weighed on the precious metal prices. Silver in rangebound movements fell by Rs 50...
  • Exports up 3.98 per cent to $312.35 billion in 2013-14 April 11, 2014

    New Delhi: India's exports grew by 3.98 per cent to $312.35 billion in FY 2013-14 while imports dipped by 8.11 per cent during the period. Imports declined to $450.94 billion, narrowing the trade deficit to $138.59 billion in the last fiscal. In FY 2012-13, trade deficit stood at $190.33 billion. However, in...
  • Gold, silver imports dip 40 per cent to $33.46 billion in 2013-14 April 11, 2014

    Gold and silver imports declined 40 per cent to $33.46 billion in 2013-14 mainly due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit. Imports of gold and silver in 2012-13 stood at $55.79 billion. In March, the imports of the...
  • Samsung accused of evading Rs 70 crore in import duties March 18, 2014

    New Delhi: Electronics goods giant Samsung has been slapped with a notice by Directorate of Revenue Intelligence (DRI) for allegedly evading import duty to the tune of Rs 70 crore. Samsung India had allegedly imported tablets valuing about Rs 460 crore by declaring them as mobile phones and evaded import...
  • Disappointed with India's decision to cut oil imports: Iran February 28, 2014

    Suhasini Haidar: Hello and Welcome to the exclusive interview on CNN-IBN. With me, Iran's Foreign Minister Javid Zarif. India owes Iran nearly $ 5 billion for oil imports, Iran has been seeking some of that payment. Tell us how your talks went? Javid Zarif: I've just started these talks and they...
  • Bangalore: 54 kg gold seized, largest haul since curbs on metal import February 27, 2014

    Bangalore: Three men were caught in Bangalore on Tuesday after 54 kilograms of illegal gold was seized from them. It's the single largest haul of illegal gold since curbs were imposed on gold import by the Centre to help prop up the falling rupee. "We also came to know that...
  • Trade deficit narrows on 77 per cent drop in gold imports February 11, 2014

    India's trade deficit narrowed in January, helped by a 77 per cent drop in imports of gold and silver while exports ticked up, improving the outlook for the country's fragile current account balance. The trade ministry said it had recommended easing curbs on gold imports, prompted by the brighter trade picture....
  • Restrictions on gold imports to be reviewed by March end, says P Chidambaram January 27, 2014

    The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday. "I am confident that by the end of this year we will be able to revisit some of the restrictions on gold import but we will do so only when we are...
  • Energizing India: How can India meets its challenges in the oil sector January 26, 2014

    India needs to march towards becoming energy sufficient country to meet its burgeoning demand for oil and gas falling which its current account deficit will reach unsustainable levels and the economy will be at a risk of collapse. ...