12 August, 2013

Government hikes import duty on gold, silver to 10%

Government hiked import duty on refined gold bars for a third time in eight months to 10 per cent from the earlier 8 per cent, the finance ministry said in a statement on Tuesday.

The government also raised the import duty on silver to 10 per cent from the earlier 6 per cent, and the factory gate duty on gold bars to 9 per cent from 7 per cent.

At the current level of imports, the government expects a revenue of Rs 4830 crore ($790 million) from the duty hikes for the rest of the financial year ending March 31, 2014.

India, the world's biggest buyer of gold, has been trying to curb imports of the yellow metal, which is the second biggest imported item after crude oil. On July 22, the Reserve Bank of India ( RBI) required a fifth of all gold imports to be used for export, usually in the form of jewellery.

Govt plans business opportunity programmes in CIS countries

The government is planning to organise awareness programmes in five cities of the country on business opportunities in CIS countries such as Russia and Belarus in order to boost bilateral trade.

"To fill the information gap, we in the Commerce Ministry are planning outreach programmes in five cities," Joint Secretary in the Ministry of Commerce Ravi Capoor said today.

New companies bill to trigger M&A deals

The new Companies Bill will make acquisitions , mergers and restructuring easier for companies, empower private equity investors to enforce various agreements and check misuse by promoters by increasing transparency,The bill, passed by the Upper House of Parliament last week, is waiting for the President's stamp of approval. It will replace the 50-year-old Companies Act of 1956 with 470 clauses.

Over 200 companies, export bodies to take part in India trade fair in Dubai

Government export promotion bodies and over 200 private and public sector companies from India and the Middle East will be part of an India Trade Fair scheduled to be held here early next month.

Infrastructure, construction, engineering, project exports, oil and gas, power generation, mining and heavy industries will be in focus during the fair, which will be held from September 3 to 5, the organisers announced.

The fair is likely to become an annual event for Indian companies offering their products and services.

Being organised by Muscat-based Silver Star Corporation, the India Trade Fair 2013 is being held with the support of Indian Embassy in Abu Dhabi, the India Business and Professional Council (IBPC) and various departments of the government of India.

Ace shooter Ronjan Sodhi picked for Khel Ratna, Virat Kohli for Arjuna

Trap shooter Ronjan Sodhi, the first Indian to win two back-to-back World Cup gold medals, was on Tuesday recommended for the prestigious Rajiv Gandhi Khel Ratna, while star cricketer Virat Kohli was among the 14 sportspersons picked for the Arjuna award by the selection committee.

Rising badminton player PV Sindhu, who became the first Indian woman shuttler to clinch a bronze medal at the recent World Championships, was also in the list of 14 sportspersons picked for the Arjuna award,