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Time of India
28-07-2025
- Business
- Time of India
Merchant Shipping Bill seeks to ensure transparency in charges levied by service providers
Advt Advt By , ETInfra MUMBAI: In a move aimed at imparting transparency, service providers or agents of Indian vessels or other vessels operating in coastal waters in relation to import, export or domestic transportation, will have to disclose upfront all the charges levied from the users, under the Merchant Shipping Bill currently being discussed in the Lok Sabha By making it 'statutory' for service providers in the maritime sector to 'disclose upfront' the charges levied from users, the government is looking to meet a long-standing demand of exporters and importers transporting cargo in containers.'Transparency means service providers will have to disclose upfront whatever they are charging. That's all, nothing else,' said a government official, though, made it clear that the provision in the Merchant Shipping Bill will not mean regulating freight rates charged by container shipping lines.'We are not saying we will regulate the freight; freight will be regulated by the market but the charges which will be levied should be disclosed upfront, it should be available on the website of the service providers, which implies the customer or the user should know the charges he has to pay for using the service,' the official Merchant Shipping Bill, which seeks to repeal and re-enact the Merchant Shipping Act, 1958, empowers the Central government to prescribe the terms and conditions for specification of charges and issuance of the Bill of Lading or any other transport document.'The Central Government, in such circumstances as it may, by notification, specify in this behalf, require every service provider or agent in respect of any Indian vessel or other vessel operating in coastal waters in relation to import, export or domestic transportation, to specify in the Bill of Lading or any other transport document, all charges to be paid by an exporter, importer, consignor or consignee in India, subject to the terms and conditions for the specification of such charges and the issuance of the Bill of Lading or any other transport document, as may be specified in that notification,' according to the Merchant Shipping charges to be paid by exporter, importer, consignor or consignee shall include both fixed and conditional charges. Besides, the service provider or agent shall not levy any charges other than the charges specified in the Bill of Lading or any other transport document.'If the service provider or agent fails to specify the charges or levies any charges other than the charges specified by him in the Bill of Lading or any other transport document, he shall be liable to a penalty which may extend to five lakh rupees,' says the Merchant Shipping Bill.
India.com
12-07-2025
- Business
- India.com
Steel Ministry Tightens Screws On Dubious, Cheap Imports; Short Relief Window As Focus Shifts To Make In India push
Reported By: Rabiul Islam In a move aimed at strengthening domestic manufacturing and ensuring high-quality standards, the Ministry of Steel has issued fresh exemptions under its order dated 13 June 2025. This new directive provides two key relaxations: First, imported steel products with a Bill of Lading date on or before 15 July 2025 are exempted from the mandatory requirement of using BIS-compliant input steel. This window allows certain pre-shipped consignments to clear without facing sudden regulatory hurdles, offering relief to traders caught in transition. Second, integrated steel plants (ISPs) within India are exempted from the same requirement for their final products, provided they undergo verification of their BIS licences. To avail this, ISPs must submit a declaration to the Ministry of Steel confirming their status along with supporting BIS documentation. Any false declaration can lead to penalties, including debarment in the Steel Import Monitoring System (SIMS). These changes come against the backdrop of increasing scrutiny of steel imports, especially from China, Vietnam, and Japan. Over the past year, the Steel Ministry uncovered widespread malpractices where traders tried to bypass quality norms by misrepresenting the grade and composition of imported steel. In many cases, importers sought approval for 'new' or 'modified' grades that did not meet Bureau of Indian Standards (BIS) norms, allowing them to bring in cheaper and weaker materials. Earlier data showed over 1,100 import applications involving steel grades not officially recognised or covered under BIS. Many of these so-called new grades had only minor tweaks, clearly revealing a strategy to flood the Indian market with inferior steel. India has been importing around 400,000 tonnes of non-BIS-compliant steel each year, worth nearly Rs 4,200 crore. The new order supports India's broader push to reduce dependence on imports, improve quality checks, and strengthen local production. The Ministry's latest decision is expected to boost the 'Make in India' programme. By insisting that only BIS-compliant steel be used, the government is protecting consumers and encouraging Indian producers to expand capacity. Many domestic steelmakers — both public and private — have already assured the government they will ramp up production and keep prices stable. Two major producers have committed to supplying enough steel to meet local demand and avoid sudden price spikes, at least until December 2025. This aligns with the vision of a self-reliant India, or 'Atmanirbhar Bharat', where local industries cater to domestic needs and create jobs. Moreover, these steps will help stop the inflow of Chinese-origin steel entering India through Vietnam and other routes. The Ministry had highlighted that many so-called Vietnamese shipments were actually Chinese products re-routed to bypass trade barriers. By enforcing BIS norms on both final products and input materials like billets and coils, India is closing these loopholes that have hurt local steelmakers. Overall, this order marks a clear step toward building a stronger, more reliable steel ecosystem in India. It protects safety standards, supports local manufacturing, and reinforces India's goal of becoming a global manufacturing hub. For a sector that is critical to infrastructure and countless industries, such policy clarity sends a strong message: India is serious about quality and self-reliance. This is not just a regulatory update; it is a decisive move to empower Indian producers, enhance global competitiveness, and place 'Make in India' firmly at the centre of the country's growth story.
Hindustan Times
22-06-2025
- Business
- Hindustan Times
FATF flags Pak case to sound global weapons funding alarm
A new report by the global financial crimes watchdog has cited India's seizure of equipment with military use bound for Pakistan in 2020 as evidence of widespread failures in preventing weapons proliferation financing, a problem that poses significant threats to world security and the integrity of the international financial system. FATF flags Pak case to sound global weapons funding alarm The Financial Action Task Force (FATF) report, published late on Friday, found that 84% of assessed countries demonstrated inadequate controls despite what FATF described as the 'grave threat' posed by such activities. The report featured a case study detailing how Indian customs authorities in 2020 intercepted dual-use items that were mis-declared as medical equipment but were actually destined for Pakistan's ballistic missile programme. 'Indian custom authorities seized an Asian-flagged ship bound for Pakistan. During an investigation, Indian authorities confirmed that documents mis-declared the shipment's dual-use items,' the FATF report titled Complex Proliferation Financing and Sanctions Evasion Schemes stated. The items were listed as autoclaves, which are 'used for sensitive high energy materials and for insulation and chemical coating of missile motors.' A senior Indian government official described the study as 'the most comprehensive and updated survey of risks related to proliferation financing,' noting that it identifies Pakistan alongside North Korea and Iran as countries where proliferation financing risks 'are inherent.' The FATF categorised the incident as 'non-declaration of dual use goods under the prescribed export laws of the exporting country.' Though the report did not name the exporting country, the ship was intercepted in Indian waters while travelling from China's Jiangyin port to Pakistan's Karachi port, as reported by Indian media, including HT, at the time. What was not reported till now, and referenced in the FATF report, is the link of the shipment to Pakistan's National Development Complex, a defence and aerospace agency under the Pakistan government. 'The Bill of Lading of the seized cargo provided evidence of the link between the importer and the National Development Complex, which is involved in the development of long-range ballistic missiles,' the report stated. Officials said the timing strengthens India's position as it prepares to oppose the World Bank's $20 billion lending commitment to Pakistan over 10 years. India will oppose development funding to Pakistan at the World Bank's upcoming meetings, one of these people said, asking not to be named. 'India is not against multilateral agencies such as the IMF and World Bank extending financial support for the development of the people of Pakistan. However, there is ample evidence that these development funds are diverted by Islamabad from development projects to arm purchase and terror funding,' said one of these officials, asking not to be named. In May, finance minister Nirmala Sitharaman contacted IMF leadership directly, presenting evidence of Pakistan's alleged misuse of development funds for military purchases. Despite India's intervention, the IMF executive board approved a $1.4 billion loan for Pakistan under climate resilience funding, though it later imposed 11 strict conditions following New Delhi's objections. 'Pakistan is unlikely to meet those conditions and thus it would not be able to avail the IMF funding,' the official added. Citing data available with multilateral agencies, this official explained: 'Pakistan spends on average around 18% of its general budget on 'defence affairs and services', while even the conflict-affected countries spend on average far less (10-14% of their general budget expenditure). Further, Pakistan's arms imports increased dramatically from 1980 to 2023 by over 20% on average in the years when it received IMF disbursements in comparison to years when it did not receive the same'. A second official said the latest report very nearly 'clubs Pakistan with rogue countries like North Korea.' 'This report will help India in pushing it for placing Pakistan in the grey list again.' The report also comes days after FATF condemned the April 22 Pahalgam terror attack, saying it could not have occurred without means to move funds between terrorist supporters, which Indian officials described as a positive step in New Delhi's renewed attempts to put Pakistan back on the grey list. The FATF report highlighted significant vulnerabilities across the global financial system in countering the financing of weapons of mass destruction. It revealed that only 16% of countries worldwide have demonstrated effective implementation of UN sanctions designed to prevent weapons of mass destruction financing. The report cited North Korea as 'the most significant actor' in proliferation financing — having 'generated billions of dollars through cyberattacks targeting virtual asset-related companies, such as the theft of USD 1.5 billion from ByBit in February 2025,' according to the FBI. The report identified four primary methods used to evade sanctions: employing intermediaries, concealing beneficial ownership, exploiting virtual assets and manipulating shipping sectors. In the 2020 incident, the merchant vessel Da Cui Yun, sailing under Hong Kong flag, was stopped by India's customs department at Kandla port in Gujarat on February 3 for wrongly declaring an autoclave as an 'industrial dryer.' An autoclave -- a device that uses high-pressure steam and heat to sterilise materials -- is used in hospitals for sterilising medical equipment, but also helps in the manufacture of specialised materials for missile components under controlled high-pressure and temperature conditions. The interception was following an intelligence tip-off, and experts from the Defence Research and Development Organisation, including nuclear scientists, examined the 18x4-metre autoclave and determined it was dual-use equipment that could serve civilian or military purposes. The vessel was allowed to leave after the autoclave was seized. Reports suggested the Da Cui Yun had made multiple voyages from China to Karachi via Indian ports carrying machinery. The report underscores that 'unless both the public and private sectors urgently bolster technical compliance and effectiveness, those seeking to finance WMD proliferation will continue to exploit weaknesses in existing controls.'
Time of India
21-06-2025
- Business
- Time of India
Pakistan caught red-handed again: FATF's new report exposes the dirty tricks of Islamabad
Mis-declaration and dual-use materials raise proliferation concerns April terror attack in Pahalgam linked to financial networks Live Events India calls out state-sponsored terrorism in risk assessments FATF case echoes past proliferation network run by AQ Khan (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel In a striking revelation, the Financial Action Task Force (FATF) has cited a 2020 case where Indian authorities intercepted a shipment of missile-related equipment headed for Karachi, exposing Pakistan's use of mis-declared dual-use goods linked to its ballistic missile programme. The global watchdog's latest report highlights how the consignment, traced to Islamabad's National Development Complex, was disguised in shipping documents — a move seen as part of Pakistan's ongoing efforts to bypass international controls and fuel to the FATF report, Indian investigators stopped a cargo ship carrying autoclaves — specialised equipment used for high-energy materials and missile motor components. The shipment had been falsely declared in its documentation. The Bill of Lading, submitted with the consignment, showed a direct connection between the importing party and Pakistan's National Development Complex, a facility known for developing long-range ballistic missiles. This detail was first reported by The Times of India (TOI).FATF noted that such dual-use goods can support missile and weapons development programmes when exported without proper declarations. The watchdog cited the Pakistan-linked case as a key example of how weak export controls and mis-declarations can lead to violations of international case also reinforces FATF's growing concerns around the global trade in proliferation-sensitive goods. The watchdog said this incident illustrates how state-linked entities may attempt to bypass regulations by disguising the nature and end use of sensitive its broader statement, FATF also referred to a terror attack in Pahalgam, Kashmir, on April 22, which resulted in the deaths of 26 people. 'The April 22 attack in Pahalgam, Kashmir, which claimed 26 lives, would not have been possible without financial support,' the FATF said in its report. It added that a detailed document covering terror financing cases — including those linked to state-sponsored actors — will be released told PTI that the FATF's decision to publicly mention the Kashmir incident marked a rare but clear signal from the international body. Indian officials interpreted the move as growing recognition of the financial networks behind cross-border terror attacks. According to Indian sources, the Pahalgam attack was carried out by militants who were trained in National Risk Assessment has identified terrorism financing from state actors — with Pakistan prominently named — as a significant national security threat. The FATF currently monitors 24 countries on its 'grey list' for strategic gaps in anti-money laundering and counter-terrorism finance systems. Countries under grey-listing face increased scrutiny from international financial institutions and risk reduced investor this context, Indian authorities are preparing a formal dossier highlighting Pakistan's compliance failures. The document is expected to be presented during the Asia Pacific Group meeting on August 25 and the FATF plenary session on October 20. Officials have confirmed that India will push for Pakistan's re-inclusion in the grey list, citing new latest focus on proliferation threats also brings back attention to earlier instances of nuclear material trafficking tied to Pakistan. One of the most significant of these was the network operated by Abdul Qadeer Khan, widely known as the 'father of Pakistan's nuclear bomb.'As reported by TOI, Khan began acquiring uranium enrichment technology from Europe in the 1970s. He later used this knowledge to help build Pakistan's nuclear programme and exported the same expertise to Iran, North Korea and Libya through a global black-market network. 'He reportedly earned $100 million from Libya alone,' the report AQ Khan network was exposed in 2003 and was found to have operated through a complex web of intermediaries across more than 20 countries. The fallout from the operation led to years of global concern about nuclear proliferation risks, and raised serious questions about oversight and control within Pakistan's strategic institutions.(With inputs from TOI)
Time of India
21-06-2025
- Business
- Time of India
'Involved in development of ballistic missiles': FATF calls out Pakistan for flouting norms; India may use dossier to push for sanctions
A new report from the Financial Action Task Force (FATF) has cited a case involving Pakistan's missile development programme, referencing a shipment seized by Indian customs officials in 2020 that was bound for Port Qasim in Karachi. Tired of too many ads? go ad free now The FATF case study outlines how dual-use goods, including equipment critical for ballistic missile technology, were mis-declared in export documents and linked directly to Pakistan's National Development Complex, which is known to be involved in the development of long-range ballistic missiles. The FATF report reveals that Indian investigators intercepted a cargo ship falsely declaring autoclaves, equipment used for high-energy materials and missile motor components. 'The Bill of Lading of the seized cargo provided evidence of the link between the importer and the National Development Complex,' the report noted. This latest disclosure comes as FATF increases its scrutiny of state-sponsored terrorism, particularly following the April 22 terror attack in Pahalgam, Kashmir, which left 26 dead. In a public condemnation, FATF said: 'This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters.' As per PTI sources, India is likely to use this FATF disclosure in its dossier to push for Pakistan's return to the FATF grey list. The upcoming Asia Pacific Group meeting in August and the FATF plenary in October may see renewed calls for sanctions or monitoring. According to officials cited by PTI, the inclusion of 'state-sponsored terrorism' in the FATF's upcoming analysis marks a significant step in acknowledging Pakistan's involvement in funding and facilitating terror operations. Tired of too many ads? go ad free now The incident flagged by FATF, which occurred in February 2020 at Kandla port, saw authorities act on intelligence regarding a suspicious Hong Kong-flagged ship, Da Cui Yun, that had departed from China's Jiangyin port, TOI had reported. Officials seized a massive pressure chamber described as a pipe-like object, 35-40 feet in length, now confirmed to have potential ballistic missile applications. Experts from the Defence Research and Development Organisation (DRDO) joined a high-level investigation into the cargo, amid tight-lipped responses from customs due to the national security implications. Also read: The FATF report also highlighted the growing global risk from proliferation financing (PF), especially concerning state and non-state actors acquiring dual-use technologies for weapons of mass destruction (WMD). 'The proliferation of weapons of mass destruction and related financing represents a significant threat to global security and the integrity of the international financial system,' the report warns, adding that failure to implement effective controls could allow actors to exploit weaknesses in global export and financial systems.
