Traders want import curbs on chana as prices fall

PUNE: Traders have demanded restrictions on the import of chana as its prices have already plunged 20 per cent in anticipation of a bumper harvest this rabi season.
Compared to the subdued trend seen in prices of tur, moong, urad, etc, chana prices have remained firm for a long time, which made farmers increase acreage under rabi crop by 11.5 per cent in 2015-16 and by 13.5 per cent in the ongoing 2016-17 rabi season. As of December 15, farmers had planted gram on 96 lakh hectares. In Indore market of Madhya Pradesh, chana prices are between Rs 38-40 a kg, compared to the minimum support price (MSP) of Rs 44 a kg. At Latur market, At Latur market, chana prices are at Rs 36.50 a kg, down 17 per cent compared to MSP. Since the prices are way below MSP, traders and farmers' representatives have demanded immediate curbs on chana imports.
"Chana is being continuously imported from Australia into India. Two ships, which may be carrying about 2-3 lakh tonnes of gram are about to reach Mundra port," said Indore-based miller Suresh Aggarwal.
"We want imports to stop. The government should impose heavy import duty as early as possible," said Aggarwal.

Chana export import

Gold import surges over 2-fold to USD 16.95 bn in Apr-Sep

New Delhi, Oct 15 () Gold import surged by more than two folds to USD 16.95 billion during the first half of 2017- 18, according to the commerce ministry data.
Gold import, which has a bearing on the country's current account deficit (CAD), was worth USD 6.88 billion in April- September 2016-17.
In September this year, import of the precious metal dipped by 5 per cent to USD 1.71 billion from USD 1.80 billion in the same month of the previous fiscal.
Contraction in gold import last month helped narrow the country's trade deficit to a 7-month low of USD 8.98 billion.
However, the import of the metal is expected to increase on account of the festival season, which has started this month.
Increase in inbound shipments of gold also bloated the current account deficit (CAD) to USD 14.3 billion, or 2.4 per cent of the GDP, in the three months to June in 2017-18.In general terms, CAD refers to the difference between inflow and outflow of foreign exchange that has an impact on the exchange rate.
Worried over surge in gold imports from South Korea, with which India has a free trade agreement, the government restricted inbound shipments of the precious metal.
India is the world's second biggest gold consumer after China. The import mainly take care of demand of the jewellery industry.
At present, gold import attracts 10 per cent duty. The gems and jewellery industry along with the commerce ministry have time and again urged the finance ministry to consider a cut in the import duty.

India exempts import duty on goods for FIFA U-17 World Cup

NEW DELHI: The government has exempted from import duty sports items and a wide range of goods for the upcoming FIFA U-17 World Cup India, which will see 24 nations vying for the coveted trophy.

The first FIFA event to be held in India will be spread over six cities starting October 6 and have 52 matches. The final football match, on October 28, will be played at Kolkata's Salt Lake Stadium.

"All sports goods, sports equipment and sports requisites; fitness equipments; team uniform/clothing; spares, accessories and consumables of the same" will be exempt from the whole of the duty of customs leviable subject to certain conditions, said a notification.
The notification issued recently by the Central Board of Excise and Customs (CBEC) further said the importers will have to furnish undertakings that all the goods, excluding gift items, souvenirs, mementos will be re-exported within three months of conclusion of the World Cup.
Doping control equipment, first aid kits, satellite phones/GPS, dining/kitchen items, and office consumables, are also among the goods that have been exempted from the import duty.

Broadcast equipment and supplies used in organising and during the event imported by FIFA Host Broadcasters too falls in the exemption list.
These goods will also be exempt from the integrated tax levied under the GST.
The 17th edition of the FIFA U-17 World Cup, under the slogan 'Football takes over', will be held in six cities -- New Delhi, Margao, Kochi, Guwahati, Kolkata and Navi Mumbai.

India, as the host country, is automatically qualified for the FIFA U-17 World Cup 2017.
Brazil, Spain, Germany, France, USA, England, Paraguay, Japan and Korea DPR, are among the nations participating in the Federation Internationale de Football Association (FIFA) World Cup event.