India is tightening quality controls for consumer and capital goods, officials say, a move that follows calls to curb cheap imports from China amid diplomatic tensions between the world’s two most populous nations over their shared border.
“...are permitted to import gold as input only for the purpose of manufacture and export by themselves during the remaining validity period of the Nominated Agency certificate,” the government said in the circular.
Some nominated agencies, which account for nearly a quarter of total imports by India, were taking advantage of India’s free trade agreement with neighbouring countries and importing the bullion without paying import duty, prompting the government to impose these curbs, analysts said.
India is the world’s second largest gold consumer importing on an average 75 tonnes every month in 2017 before tapering to 48 tonnes in September.
Union minister Smriti Irani today sought to put the Congress in the dock on the Bofors issue, citing claims of a private investigator involved in its probe, and asked it to come clean on the involv
President Xi Jinping today assured China's jittery neighbours that Beijing is ready to resolve its disputes through dialogue but not at the expense of its strategic interests, as he opened a key me
Delhi’s air quality, which has entered the red zone, may trigger an increase in the parking fee for vehicles by up to four times in the next few days.
India is likely to stick to its fiscal deficit target of 3.2 per cent of GDP, and may accelerate sales of government stakes in lenders and other firms as part of an effort to recapitalise banks,