Latest news with #ForeignTrade(Development&Regulation)Act
Mint
3 days ago
- Business
- Mint
Govt extends duty-free import window for yellow peas till March 2026
The Centre on Saturday extended the duty-free import window for yellow peas until 31 March 2026, aiming to stabilise domestic pulse prices and ensure adequate supply. The extension, notified by the Directorate General of Foreign Trade (DGFT), permits importers to bring in yellow peas without the minimum import price (MIP) condition or port restrictions, provided the bill of lading is dated on or before the new deadline. The liberalised policy is expected to help manage price volatility in the pulses market, particularly as tur and other key pulses continue to face supply constraints. The earlier policy was valid until 31 May 2025. With this extension, the government maintains its calibrated approach to easing import restrictions on select pulses to bridge domestic demand-supply gaps. All imports under this provision will require registration under the online Import Monitoring System, which remains a mandatory compliance requirement. The decision has been taken under the Foreign Trade (Development & Regulation) Act, 1992, and has received the approval of the minister of commerce and industry. The move is likely to ease price pressures ahead of the festive season in major consuming states, according to traders familiar with the matter. It is also expected to benefit pulse processors and millers by ensuring continued access to overseas yellow pea supplies without regulatory hurdles. The government has previously issued a series of notifications to adjust the import policy for yellow peas, including those dated 8 December 2023, 23 February 2024, 5 April 2024, 8 May 2024, 13 September 2024, 24 December 2024, and most recently, 10 March 2025. The latest extension signals a continued intent to retain flexibility in agricultural imports in response to shifting domestic needs. Bimal Kothari, chairman of the India Pulses and Grains Association (IPGA), criticised the government's decision to extend the duty-free import period for yellow peas, saying it could have adverse effects on Indian farmers. 'Allowing imports for such a prolonged period will discourage farmers who cultivate chana from expanding their cultivation area,' Kothari said. He warned that this move could undermine the government's goal of making India self-reliant in pulses by reducing incentives for domestic production growth. The government has launched a mission for atmanirbharta (self-reliance) in pulses, with an outlay of ₹ 1,000 crore over the next six years. As of 31 May, the average retail price of chana dal stood at ₹ 86.26 per kg, compared to ₹ 86.12 per kg a year earlier.
India.com
05-05-2025
- Business
- India.com
India-Pakistan War Tensions: India Halts All Trade With Pakistan, Including Life-Saving Drugs
LIVE Blog Pahalgam Terror Attack, India-Pakistan Tensions Live Updates: In a sweeping move following the deadly Pahalgam terror attack that claimed 26 lives, India has imposed a total ban on all imports and transit of goods from Pakistan, citing national security concerns. The Ministry of Commerce and Industry issued a gazette notification on Saturday, invoking the Foreign Trade (Development & Regulation) Act, 1992, and the current Foreign Trade Policy 2023 to enforce the prohibition. Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.
Time of India
04-05-2025
- Politics
- Time of India
'It is an economic war, political war is already on': BJP leader Prakash Reddy after India bans all imports from Pakistan
HYDERABAD: Bharatiya Janata Party (BJP) leader Prakash Reddy stated on Sunday that while the Indian government is implementing comprehensive measures to combat terrorism, military action remains the final recourse. He elaborated that the suspension of trade relations through the ban on exports and imports serves as a strategic measure to pressure the Pakistani administration into taking decisive steps against terrorism. — ANI (@ANI) Reddy said, "The government of India is taking all measures, war is the last option... Banning the exports and imports is also one such measure to compel the Pakistani government to take stern action against terrorism... It is an economic war ... Political war is already on ... I appeal to the people of Pakistan to go to any extent to throw out the present government that supports terrorism, and not elect any such person that supports terrorism directly or indirectly..." The senior BJP politician urged Pakistani citizens to refrain from voting for candidates who provide either direct or indirect backing to terrorist activities. The Indian government has recently implemented a comprehensive prohibition on all products that originate from or are exported via Pakistan, irrespective of their import classification. This directive, issued through the Commerce and Industry Ministry's notification, has brought bilateral commerce to a standstill. The Commerce and Industry's Gazette notification issued on Saturday reads, "In exercise of power conferred by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, read with Paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, as amended from time to time, the Central government hereby inserts a new Para 2.20A in the Foreign Trade Policy, 2023 as follows with immediet effect." "Para 2.20A: Prohibition on Import from Pakistan. Direct or indirect Import or transit of all goods originating in or exported from Pakistan, whether or not freely importable or otherwise permitted, shall be prohibited with immediate effect, until further orders. This restriction is imposed in the interest of national security and public policy. Any exception to this prohibition shall require prior approval of the Government of India," the Commerce and Industry Ministry's notification added. Following the tragic incident in Pahalgam that claimed 26 lives, this action takes place during escalating hostilities between India and Pakistan.
Time of India
03-05-2025
- Business
- Time of India
Pahalgam Terror Attack LIVE Updates: Pakistan shuts ports for Indian ships after New Delhi bans imports from Islamabad
Pahalgam Terror Attack LIVE Updates: India has imposed an immediate and comprehensive ban on the direct or indirect import and transit of all goods originating from or exported by Pakistan, effectively freezing bilateral trade. The Ministry of Commerce and Industry announced the decision through a Gazette notification on Saturday, invoking provisions under the Foreign Trade (Development & Regulation) Act, 1992, and the Foreign Trade Policy 2023 to justify the move. The notification states that a new clause, Para 2.20A, has been inserted into the Foreign Trade Policy, declaring that "direct or indirect import or transit of all goods originating in or exported from Pakistan, whether or not freely importable, shall be prohibited with immediate effect, until further orders." The ministry cited national security and public policy concerns as the rationale for the prohibition, adding that any exceptions would require prior government approval. This sweeping measure comes in the wake of rising tensions between India and Pakistan following the deadly terror attack in Pahalgam, which claimed 26 lives, mostly tourists. In response to the attack, the Indian government has implemented a series of diplomatic steps, including closing the Integrated Check Post (ICP) at Attari, suspending the SAARC Visa Exemption Scheme for Pakistani nationals—giving them 40 hours to return—and reducing diplomatic staff in both countries' High Commissions. Additionally, India has suspended the Indus Waters Treaty, a landmark 1960 agreement governing water sharing between the two nations. Prime Minister Narendra Modi vowed that those responsible for the Pahalgam attack—and those who aided them—would face unimaginable consequences. Emphasizing national resolve, Modi declared that the time had come to dismantle terrorism's remaining strongholds and that the collective will of 1.4 billion Indians would crush the backbone of terror networks.
Time of India
03-05-2025
- Business
- Time of India
'Kashmir was and will always be part of India': Farooq Abdullah meets tourists in Pahalgam after terror attack
NEW DELHI: Jammu and Kashmir National Conference chief Farooq Abdullah on Saturday visited Pahalgam and interacted with tourists days after a deadly terror attack, asserting that 'was and will always be a part of India.' Tired of too many ads? go ad free now Speaking to reporters, Abdullah said the biggest message after the incident is that the tourists are 'not scared.' 'The people who wanted to spread fear have lost. They (terrorists) have lost. It has been proven today that we are not going to get scared. Kashmir was and will always be a part of India. People want terrorism to finish. It has been 35 years since we have seen terrorism; we want progress. We want to move forward. We will become a superpower one day,' former J&K CM said. Abdullah declined to comment on remarks made by former Pakistan foreign minister , stating that paying attention to such statements would be counterproductive. 'If we go by Bilawal Bhutto's statements, we cannot move forward. I have been saying for a long time that the should be reviewed again. Our rivers and we are the ones who are deprived,' he said. His comments came after Bhutto acknowledged Pakistan's past involvement with terror operatives. During the visit, Abdullah, along with NC MLA Altaf Kaloo, met Hyder Shah, the father of Syed Adil Hussain Shah -- a local resident who lost his life in the while attempting to rescue tourists. 'Farooq Abdullah shared our grief and gave us courage in our sorrow, which is helping us move forward,' Hyder Shah said. Earlier in the day, India formally imposed an immediate ban on the import and transit of all goods originating from or exported via Pakistan, according to a notification by the ministry of commerce and industry. Tired of too many ads? go ad free now The notification, issued under the Foreign Trade (Development & Regulation) Act, 1992, and the Foreign Trade Policy 2023, halts all bilateral trade with immediate effect. The Centre has also suspended all in bound mail and parcels from Pakistan. This step follows a series of measures taken by the Centre in response to the Pahalgam attack that claimed 26 lives. These include shutting down the Integrated Check Post (ICP) at Attari, suspending the Saarc Visa Exemption Scheme for Pakistani nationals, instructing them to leave India within 40 hours, and reducing diplomatic staff in both countries' high commissions. India has also suspended the Indus Waters Treaty of 1960 as part of its broader response to the ugly attack.
