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Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters

Cabinet approves RoDTEP scheme to reimburse taxes, duties paid by exporters New Delhi: The Union Cabinet on Friday approved the Remission of Duties or Taxes on Export Products (RoDTEP), a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism. “This RoDTEP scheme is very important for our exports to get…

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Covid-19 scare: Exporters peg hit at $1 billion

Covid-19 scare: Exporters peg hit at $1 billion New Delhi: Exporters are bracing for at least a $1 billion decline in outward shipments in February as countries close borders and order cancellations increase due to the spread of Covid-19. With labour intensive sectors like gems and jewellery, lifestyle goods, carpets and handicrafts expected to get impacted the most, traders expect the impact to come with a lead time of around three months. “If orders are not finalised now, then there…

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WTO focus on trade benefits to developing nations at key meet

WTO focus on trade benefits to developing nations at key meet NEW DELHI: Special and differential treatment for developing countries like India will figure prominently in the World Trade Organization’s (WTO) 12th Ministerial Conference meet in June in Kazakhstan, an official said. The Ministerial Conference is the highest decision-making body of the 164-member WTO. Trade ministers of all the member countries participate in the deliberations. The 12th Ministerial Conference will take place from June 8-11 this year at Nur-Sultan in…

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India calls US move on duty probe relaxation unfair

India calls US move on duty probe relaxation unfair NEW DELHI: India has termed as “unilateral action” a recent move by the United States to terminate an exemption given to developing countries from countervailing duty (CVD) investigations. Separately, it also criticised another US decision to unilaterally remove India and Turkey from a list of developing countries that are exempt from safeguard duty on crystalline silicon photovoltaic cells and large residential washers, last year. India said such actions “fuel our apprehension that…

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High local prices may hit cardamom exports

High local prices may hit cardamom exports High local prices may upset India’s efforts to export more cardamom to West Asian countries, where prices have fallen owing to Covid-19. With local cardamom prices hovering around ₹3,200 per kg last month, India was unable to beat the competition from Guatemala, the largest producer of the spice, in the Gulf countries. Guatemalan cardamom had more takers at $42 per kg , around $10 lower than the Indian rates. “But now Guatemala seems…

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