As per HS Code 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, as amended, M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of Sugar to EU under Preferential Quota. As per Article 10 of European Union Regulation (EC) No. 891/2009 of 25.9.2009 release for free circulation for the quotas of CXL concession sugar with order no.09.4321 shall be subject to the presentation of a certificate of origin issued by the competent authority of the third country concerned in accordance with articles 55 to 65 of Regulation (EEC) No. 2454/93.
The Reserve Bank should keep its key rates high not just to fight inflation, but also to prevent the formation of asset bubbles, a top economist from Standard Chartered said today. I think the RBI needs to make sure that the monetary policy is tight not just to address the immediate inflation challenge but (also) to prevent bubbles and inflation problems being seen in the future, the bank’s Chief Economist and Group Head of Global Research , Gerard Lyons, told reporters here.
States are important stakeholders in inflation management as their contribution is important in addressing the supply side constraints. They could, for instance, help better management of public distribution system, improve productivity in agriculture and allied activities, reform the Agriculture Produce Marketing Committee (APMC) Acts and improve the infrastructure, such as, storage facilities, Dr. D. Subbarao, Governor, Reserve Bank of India, told the State Finance Secretaries today while inaugurating a conference held in Mumbai.
Notification No. 42 /2011-Customs , New Delhi dated the 25th May, 2011 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 51/2008-Customs, dated the 21st April, 2008 which was published in the Gazette of India, Extraordinary, vide number G.S.R. 297 (E), dated the 21st April, 2008, namely:–
Earlier, JMDC was issuing RCMC for exporters of jute and jute products. Henceforth, JPDEPC will issue RCMC for exporters of jute and jute products in place of JMDC. Listing of JPDEPC in Appendix 2 of the Handbook of Procedures Vol. I has been done.
Event and Entertainment Management Association versus Union Of India & Ors. (Delhi High Court)- Delhi HC has dismissed the petition seeking a direction to the Union of India, Ministry of Human Resource Development, to frame objective standards for determination and levying of royalties of various copyrighted works administered by Phonographic Performance Ltd and the Indian Performing Right Society Ltd and the mode of enforcing and administering such royalties. The association had also sought a further direction for investigation of the books of account of the two copyright societies to ascertain whether they have paid their dues to the owners/authors of copyrights. The association alleged that the government has failed to set down any objective standards and criteria for charging of royalties by the two societies, and the latter are therefore acting arbitrarily in fixing tariffs. The high court rejected the prayers stating that the fixation of tariff or royalties by the two companies in exercise of their powers under the Copyright Act is not arbitrary or unreasonable. The judgment explained that the law itself provided a mechanism for fixing tariffs and the matter can be dealt with by the copyright board.
The Competition Commission of India (CCI) today imposed a penalty of Rs one lakh each on 27 film producers on charges of colluding through a cartel to exploit theatre owners. The CCI imposed the fine on filmmakers after having found them guilty of entering into anti-competitive agreement.
Concerned over subscribers facing problems in exercising Mobile Number Portability service, Trai has asked operators not to reject a request if the amount outstandings are less than Rs 10. Telecom regulator Trai’s directive came in the wake of telecom operators rejecting the request of subscribers for porting on the ground of “contractual obligation” and “outstanding payment dues” under mobile number portability (MNP).
The Madhya Pradesh government has come under the scanner of Lokayukta for allegedly organising a free dinner for about 250 serving IAS officers with taxpayers’ money. Official sources said about Rs 1.5 lakh was allegedly routed from the exchequer’s account to foot the bill of the dinner hosted late last year by State Chief Secretary Avani Vaish for IAS officers, most of them serving in MP, at a private club here.
Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official told PTI.
