Govt imposes import curbs on certain colloidal precious metals
The government has tightened import rules on specific colloidal precious metals. This move aims to curb the illegal entry of gold into India in liquid form. The Directorate General of Foreign Trade issued a notification revising the import policy. Palladium, Rhodium and Iridium alloy consisting of gold import is also restricted. Gold imports saw a slight dip in April-May.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The government has imposed import curbs on certain colloidal precious metals , with an aim to check the illegal inflow of gold into India in liquid form.Colloidal precious metals are suspensions of gold or silver nanoparticles dispersed in a liquid.According to industry experts, some importers were using this route for imports from countries like Thailand "The import policy of items covered under CTH 2843 is revised from free to restricted with immediate effect," the directorate general of foreign trade said in a notification.Goods under this number include colloidal precious metals; inorganic or organic compounds of precious metals.In a separate notification, the Directorate said that the import of Palladium, Rhodium and Iridium alloy consisting of gold more than one per cent by weight is restricted.Gold imports in April-May this fiscal year dipped by 3.82 per cent to USD 5.64 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
3 hours ago
- United News of India
EU price caps on Russian oil will not effect its supply volume: Russian Dy PM
St Petersburg, Jun 19 (UNI) Russian Deputy Prime Minister Alexander Novak on Thursday said that Europe's price caps on Russian oil will have no effect on its volumes of supply, adding that even the zero level of price ceiling will not affect them. Speaking to Business FM on the sidelines of SPIEF (St Petersburg International Economic Forum) 2025, Novak said "I assume that the introduction of the USD 60 ceiling had no influence. This means that even if zero (price ceiling) is introduced it will have no influence," reports Russian state media TASS. Currently, the G7 and EU countries (the price cap coalition) have banned imports of Russian crude oil and oil products, but allowed shipowners from their countries to transport them and provide brokerage and other services if the commodity is sold at a price that is no higher than the cap set by the coalition. The objective of the embargo and price cap is to limit Russian budget revenues from the sale of energy resources while maintaining a sufficient supply of crude and oil products on the world market. European Commission President Ursula von der Leyen confirmed on June 10 that the EC's proposal calls for the reduction of the price cap for Russian oil to USD 45 per barrel as part of the 18th package of sanctions against the country. However, Novak noted that it is not profitable for the European Union itself to lower the price ceiling to USD 45 per barrel. 'Now we supply more to our friendly jurisdictions than previously, though it is not related to the price ceiling, but to sanctions imposed on Russia by the EU, by the US, other unfriendly countries. I even think that it is not profitable for the European Union to lower prices, say, to $45," he explained. Novak added that none of the price ceilings implemented in the last few years have had any effect on Russian oil export.
India Gazette
3 hours ago
- India Gazette
Tony Blair enthralled with presentation on Telangana Rising 2047 by CM Revanth Reddy: Telangana CMO
New Delhi [India], June 19 (ANI): Former Prime Minister of United Kingdom, Tony Blair, was enthralled with a presentation TelanganaRising by Chief Minister of Telangana, Revanth Reddy, an official statement issued by Chief Minister Office said. In his interaction with Blair, during his visit to Delhi, Reddy spoke of the key highlights of Telangana Rising, including the rapid growth from USD 200 billion State GDP to a USD 1 trillion by 2035, and a further three-fold peaking to USD 3 trillion by 2047, as per the statement. This would be achieved through a plethora of unique strategic and tactical policy interventions, including Zoning the state (inside ORR - core urban area, services only, Between ORR and Regional Ring Road area for China +1 manufacturing zone), rapid massive infra projects including the Regional Ring Road and Regional Ring Railway, radial roads between RRR and ORR, a dry port, dedicated connectivity between dry port to a sea port in AP, metro rail expansion in Hyderabad, new airports in Warangal and Adilabad, River Musi Rejuvenation, Bharat Future City (India's most future-ready and planned cities), among others, an official statement said. Blair, who after stepping down from active public career, has started the Tony Blair Institute for Global Change (TBIGC), with the objective of assisting world leaders develop a vision, design strategies and convert them into actionable programmes, said he was '...enthralled and taken in by the sui generis vision of CM Revanth Reddy.' During their hour-long interaction, Chief Minister Revanth Reddy provided details of the key elements of 'Telangana Rising 2047' which would be unveiled publicly on the 2nd anniversary of the State government on December 9, the statement said. Reddy highlighted the priority that will be given to social and economic development of various cross-sections like farmers, youth and women, and an overall improvement of human development indicators. He also highlighted the new concept of microplanning using the lens of core-urban, peri-urban and rural zones. Blair appreciated that the entire agenda of development will be achieved through sustainability principles. Blair took particular interest in flagship initiatives like Bharat Future City, Young India Skills University and Young India Sports University. A Letter of Intent was exchanged between the Telangana government and TBIGC for partnering in Telangana Rising vision development and its subsequent implementation, an official release said. (ANI)
India Today
5 hours ago
- India Today
Pakistan draws 5 potential buyers for its struggling national airline
In its efforts to sell its struggling national airline, Pakistan has received expressions of interest from five parties, including business groups and a military-backed firm, the Privatisation Ministry said on bids were submitted ahead of a June 19 deadline to acquire up to 100 per cent of Pakistan International Airlines, which has accumulated over USD 2.5 billion in losses in roughly a decade. Still, following a major restructuring, it posted its first operating profit in 21 years in the year through June sale is seen as a test of Pakistan's ability to shed loss-making state firms and meet conditions of a USD 7 billion International Monetary Fund bailout. It would be the country's first major privatisation in nearly two decades. Eight parties submitted their expression of interests, but only five of them provided documents of qualification, the ministry said in a the five groups is a consortium of major industrial firms: Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co Ltd and Metro is led by investment firm Arif Habib Corp Ltd and includes fertiliser producer Fatima Fertiliser Co Ltd, private education operator The City School and real estate firm Lake City Fertiliser Company Ltd, a military-backed conglomerate, Pakistani airline Airblue Ltd and a consortium that includes Bahria Foundation, domestic carrier Serene Air and US-based Equitas Capital LLC also submitted government will review the documents and give qualified parties access to data for due diligence," the statement DIVESTMENTOnce a leading global airline, PIA resumed European flights in January after a four-year EU ban linked to safety concerns, and is seeking UK clearances, seen as key to its turnaround. Industry insiders say the winning bidder is expected to partner with a foreign airline to run operations.A previous attempt to sell the airline failed as a USD 36 million bid from real estate firm Blue World City fell short of the USD 305 million floor price, with concerns over debt, staffing and limited time, the government is offering full divestment, has scrapped the sales tax on leased aircraft, and is providing limited protection from legal and tax claims. Around 80 per cent of the airline's debt has been transferred to the state."We're targeting 86 billion rupees in privatisation proceeds this year," Privatisation Minister Muhammad Ali told Reuters. "For PIA, in the last round of bidding, 15 per cent of the proceeds were going to the government, with the rest staying within the company."He said bidders would be pre-qualified in early July, with due diligence lasting 2 to 2.5 months, and final bidding and negotiations expected in the fourth quarter of hope the sale will revive the stalled privatisation drive. Other planned deals include the Roosevelt Hotel and several power firms, by Watch IN THIS STORY#Pakistan
