Import/Export Industry Notifications

Cotton stock in the MCX accredited warehouse has reached a new high of 2,16,600 bales on March 5 against the previous high of 2,14,700 bales logged on March 30, 2019. The rising stock at the warehouse was on the back of increasing hedging activities as the export demand, especially from China, has hit a new high. China has a low inventory.

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India has exported 87,000 tonnes of onion in the January-February period after the ban was lifted because of reasonable Kharif crop estimates, Agriculture Minister Narendra Singh Tomar on Tuesday said in Parliament.

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CBIC Circular No. 05 /2021-Customs (N.T.) dated 17th February 2021 regarding Extension in SB005 alternate mechanism whereby CBIC has decided to measure trade facilitation to keep the Officer Interface available permanently to resolve such errors on payment of a specified fee by the exporter. In continuation of the same, O/o Commissioner of Customs, NS-II, JNCH has issued Public Notice no. PN-18-2021 dated 27th February 2021 regarding IGST refunds on exports-SB005 Error Rectification alternate mechanism.

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As India moves forward to self-reliance, the Government has been trying to make Indian products more competitive in export markets and encourage pharmaceutical exports. More so, the pharma sector expanded to the occasion and harnessed the opportunity during the pandemic to export life-saving drugs to needy patients across the world and cemented its position as the pharmacy of the world.

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In exercise of the powers conferred by section 92 of the said Act, the Food Safety and Standards Authority of India makes the following regulations further to amend the Food Safety and Standards. These regulations may be called the Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2021. They shall come into force on 8th June 2021.

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The freight cost to both Europe and the US has grown by 10%, and to places such as American West Coast and the UK, there is an increase of over 200% over the last quarter. Freight shipping costs have been going through the roof over the previous few months, causing exporters to lose business from several countries.

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The Rice Exporters Association (Non-Basmati - India), with the support of the Agricultural and Processed Food Production Exports Development Authority (APEDA), exported above 2,000 tonnes of rice from Kakinada deep seaport to West Africa since mid-February.

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China expressed 'deep concern' over the restrictions on an opportunistic takeover of Indian companies after the covid pandemic outbreak, terming them to be inconsistent with multilateral trade rules and cautioning that they may affect business interests on both sides.

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The freight cost to both Europe and the US has risen by 100%, and to places such as American West Coast and the UK, there is an increase of over 200% over the last quarter. Freight shipping costs have been going through the roof over the last few months, causing exporters to lose business from several countries.

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