Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
Service Tax »
 India to levy service tax on freight for imports on delivered basis
 Income tax relief must be blended with additional tax measures
 9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
 GST rollout uncertainty hits Budget 2017 calculations
 GST now set for July 1 roll-out, dual control hurdle finally over
 Grant of Registration under DVAT and CST
 Do not raise service tax, says Chamber
 Excise, service taxpayers to migrate to GST portal by Jan 31
 Centre, state governments work on formula for 'GST on high seas'
 What is service tax?
 Tax to bring transparency, benefit companies operating in state, says Gujarat CM Vijay Rupani

Customs clear gold at Mumbai airport: officials
October, 09th 2013

The customs department has cleared more than a tonne of gold, part of which was owned by Bank of Nova Scotia(BNS.TO), the biggest gold importing bank, at the Mumbai airport after rule clarifications at a high-level meeting held last month, industry and bank officials said on Saturday.

Gold imports into India, the world's biggest buyer of the metal, had virtually stopped after a July 22 circular which tied domestic consumption to exports.

"More than one tonne of gold was stuck at Mumbai airport and everything has been released. People have taken delivery of gold and the festival season has started with a good news for exporters," Pankaj Kumar Parekh, vice chairman of the Gems and Jewellery Export Promotion Council told Reuters.

The resumption of imports after a two month gap is positive for exporters like Rajesh Exports(REXP.NS) and Shree Ganesh Jewellery(SHRG.NS) ahead of the peak Christmas season.

It is also positive for domestic jewellers in the run up to the festival season, which peaks with Dhanteras in November, the biggest gold buying festival.

"We were after the customs since two months and finally our consignment has been cleared. We will start processing our orders from Monday," said an official with a private bullion importing bank in Mumbai, who wished not to be named due to company policy.

India, battling with a record high trade deficit and a weak currency, is trying to curb imports of dollar-denominated gold, the most expensive non-essential item in its import bill.

India may import a total of 30 tonnes in October, half of the normal average, out of which 6 tonnes might go for exporters and 24 tonnes for the domestic market, Parekh said on October 1.

India imported 393.68 tonnes of the yellow metal from April to September 25, slightly higher than the normal average of 60 tonnes per month.

A finance ministry official estimated gold imports at between 750 and 800 tonnes in the fiscal year through March 2014.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions