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With the finance ministry seeking “justification” for continuing the Interest Equalisation Scheme (IES) for exporters, the commerce department is exploring ways to revamp it to ensure the scheme meets the objectives outlined during its launch nine years ago.
In a move that could significantly impact India’s export sector, the Finance Ministry has sought justification for the continuation of the Interest Equalisation Scheme (IES) for exporters, which is currently slated to expire on December 31.
The Bombay High Court has ordered the Customs department to release seven artworks by renowned artists FN Souza and Akbar Padamsee, previously seized for being considered “obscene material”. The court observed that “every nude painting or every painting depicting some sexual intercourse poses cannot be styled as obscene”.
Cybercrooks posing as customs officers duped a 33 year-old woman from BT Kawade Road of Rs. 17.51 lakh by threatening to take action against her friend, claiming that the letter had arrived at New Delhi airport with an actionable amount of foreign currency.
Customs authority imposes Rs 92.04 cr penalty, Rs 10 cr fine on Vedanta.
The government is aiming to digitalise the entire customs process by April 2026 and bring more departments on board the single window interface for facilitating trade (SWIFT) portal to expedite the clearance procedure, official sources said.
The Central Board of Indirect Taxes and Customs (CBIC) has said the power to attach bank accounts in customs violation cases should be exercised after careful examination of facts and not in a mechanical manner. In an instruction to field formations, the CBIC said in cases where bank accounts have been attached, the investigation and adjudication should be completed at the earliest.
The announcement in the Budget to cut import duty on gold will help boost domestic manufacturing and promote jewellery exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.
India should deploy some of the learning from China’s model for export promotion through e-commerce as it plans to give a filip to the fast-growing sector, a new report said. The country should have a framework for setting up e-commerce hubs and consider other relaxations in payment regulations, it added.
The Central Bureau of Investigation (CBI) has arrested a customs official in Mumbai on charges of demanding and accepting a bribe of Rs 80,000 from a complainant.