Govt enhances duty drawback rates to boost exports
New Delhi: The Government on Monday raised duty refund rates on a host of items, including iron, steel, garments and marine products with a view to promoting exports which are on a decline
for the past 11 months. The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from November 23, 2015, the Finance Ministry said. Duty drawback is refund of duties on imported inputs for export items.
Gold imports dip 59.5% to $1.7 bn in October
New Delhi: Gold imports plunged by 59.5 per cent to $1.7 billion in October which will help curb the country’s Current Account Deficit (CAD). The sliding prices of the yellow metal is one of the reasons for a dip in imports. The prices are declining in both global and domestic markets. The gold imports stood at $4.20 billion in October 2014.
The contraction in imports helped in narrowing the trade deficit
to $9.76 billion in October, lowest since February. It was $ 6.85 billion in that month.
ICICI to sell 6 pc stake life insurance arm for Rs 1950 cr
New Delhi: ICICI Bank on Monday said it proposes to sell 6 per cent stake in its life insurance arm ICICI Prudential life to two investors, including Premji Invest, for about Rs 1,950 crore. The board decided to sell “4 per cent to Premji Invest & its affiliates and 2 per cent to Compassvale Investments Pte ltd, an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek,” ICICI Bank said in a statement. Premji Invest is the investment arm of Wipro Group chairman Azim Premji.
Uflex limited hosts Governor, Commonwealth of Virginia
Uflex limited hosted Governor, Commonwealth of Virginia, Terry McAuliffe during a visit to the headquarters of India’s largest flexible packaging company. He is currently on a business mission to India meeting successful and progressive organizations that have been expanding globally. Uflex became an apt choice with international operations and transactions accounting for 54% of Uflex’s total revenue during Financial Year 2014-15.