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Change in Tariff value of Crude Palm Oil, RBD Palm Oil, Others-31.3.2016



Change in Tariff value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold And Silver Notified
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-

“TABLE-1

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $Per Metric Tonne)
(1)
(2)
(3)
(4)
1
1511 10 00
Crude Palm Oil
698
2
1511 90 10
RBD Palm Oil
706
3
1511 90 90
Others – Palm Oil
702
4
1511 10 00
Crude Palmolein
711
5
1511 90 20
RBD Palmolein
714
6
1511 90 90
Others – Palmolein
713
7
1507 10 00
Crude Soya bean Oil
767
8
7404 00 22
Brass Scrap (all grades)
3030
9
1207 91 00
Poppy seeds
2533

TABLE-2
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
(1)
(2)
(3)
(4)
1
71 or 98
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
402 per 10 grams
2
71 or 98
Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
502 per kilogram 

TABLE-3
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne )
(1)
(2)
(3)
(4)
1
080280
Areca nuts
2599”

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India’s External Debt Data at End December 2015 released today

Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s external debt for the quarters ending September and December every year.

At end-December 2015, India’s external debt stock stood at US$ 480.2 billion, recording an increase of US$ 4.9 billion (1.0 per cent) over the level at end-March 2015. The rise in external debt during the period was due to long-term external debt particularly commercial borrowings and NRI deposits. However, on a sequential basis, total external debt at end-December 2015 declined by US$ 1.2 billion from the end-September 2015 level.

Long-term debt at end-December 2015 was US$ 398.6 billion, showing an increase of US$ 8.8 billion (2.3 per cent) over the level at end-March 2015. Short-term external debt witnessed a decline of 4.6 per cent and stood at US$ 81.6 billion at end-December 2015.

At end-December 2015, long-term external debt accounted for 83.0 per cent of India’s total external debt, while the remaining (17 per cent) was short-term debt. Component-wise, the share of commercial borrowings stood highest at 38.2 per cent of total external debt, followed by NRI deposits (25.5 per cent) and multilateral debt (11.1 per cent).

Government (sovereign) external debt stood at US$ 90.7 billion at end-December 2015 while non-Government debt amounted to US$ 389.5 billion. The share of Government (Sovereign) and non-Government debt in the total external debt was 18.9 per cent and 81.1 per cent respectively, at end-December 2015.

The share of US dollar denominated debt continued to be the highest in external debt stock at 57.6 per cent at end-December 2015, followed by the Indian rupee (28.7 per cent), SDR (5.8 per cent), Japanese yen (4.1 per cent), and euro (2.3 per cent).

The ratio of concessional debt to total external debt was 8.7 per cent at end-December 2015 (8.8 per cent at end-March 2015).

India’s foreign exchange reserves provided a cover of 73.0 per cent to the total external debt stock at end-December 2015 vis-à-vis 67.5 per cent at end-March 2015.

The ratio of short term external debt to foreign exchange reserves was 23.3 per cent at end-December 2015 as against 26.7 per cent at end-March 2015.

The complete quarterly report of India’s external debt at end-December 2015 is available on the website of Ministry of Finance – www.finmin.nic.in.


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India Signs Loan Agreement with the World Bank for USD 250 Million for "First Programmatic Electricity distribution Reform Development Policy Loan for Rajasthan"
An agreement for IBRD Credit of USD 250 Million from World Bank for "First Programmatic Electricity distribution Reform Development Policy Loan For Rajasthan" here today by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Mr. Onno Ruhl, Country Director, World Bank (India) on behalf of the World Bank. The Program Implementing Entity Agreement was signed by Mr. Sanjay Malhotra, Principal Secretary, Department of Energy, Government of Rajasthan on behalf of Government of Rajasthan, and the Country Director (India) on behalf of the World Bank.

The project size is USD 250 million, and the total amount will be financed by the Bank.

The objective of the proposed programmatic operation is to support the Government of Rajasthan (GoR)'s program for the turnaround of the distribution sector in Rajasthan under the 24x7 Power for All program. This first operation lays the foundations for legislative changes and institutional reforms to improve the sector's governance, supports the financial restructuring of the sector, and back sanctions necessary to improve operational performance. The main areas of the GoR program that are supported by the proposed operation are: (a) Strengthening Governance in the Rajasthan Electricity Distribution Sector; (b) Financial Restructuring and Recovery; and (e) Improving Operational Performance' of Distribution Utilities. The project has been designed. as a result based financing programme, under which funds will be released only on achievement of agreed results/indicators. 

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Japan’s Official Development Loan Assistance to India for an amount of JPY 242.2 billion (Rs. 14,251 crore approx.)

The Notes were exchanged today between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of India and H.E. Mr. Kenji Hiramatsu, Ambassador of Japan to India. The Govt. of Japan has committed Official Development Assistance loan of an amount of JPY 242.2 billion (approx. Rs.14,251 Crores at Exchange Rate: Rs.1 = JPY 1.70). The ODA loan assistance has been committed to Transmission System Strengthening Project in Madhya Pradesh (JPY 15. 45 Billion); Odisha Integrated Sanitation Improvement Project (II) (JPY 25.7 Billion); Dedicated Freight Corridor Project (Phase 1) (III) (JPY 103.6 Billion); North East Road Network Connectivity Improvement Project (Phase 1) (I) (JPY 67.1 Billion); and Jharkhand Horticulture Intensification by Micro Drip Irrigation Project (JPY 4.65 Billion). The Govt. of Japan has committed a total of JPY 390 Billion in the current financial year which is the highest amount committed in a year.
                       
India and Japan have had mutually beneficial economic development cooperation since 1958.  In the last few years, the economic cooperation between India and Japan has strengthened and grown into strategic partnership.With general political consensus and popular support for the greater cooperation between Indian and Japan the partnership is poised for a great future. 

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