Import/Export Industry Notifications

Fast-tracking the customs clearance of imported Covid-19 related items, the Central Board of Indirect-Taxes and Customs (CBIC) has asked importers to fill up a single-page online form giving a description of the goods and their end-use, as its officials at Mumbai air cargo today facilitated clearance of a consignment containing 10,053 infrared thermometers PCB and 2,031 pulse oximeter kits.

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Owing to Assam's potential and other North-eastern regions to surface as an export hub for both agricultural and allied products, the Agricultural and Processed Food Products Export Development Authority (APEDA) has shown interest in taking on several market development initiatives in the region.

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Saddled with a troublesome inventory of wheat and sugar, New Delhi struggles to meaningfully liquidate the stocks while causing the least financial damage. Several options, including higher domestic consumption, diversion for bio-fuel, and export to overseas markets, are under consideration.

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HSBC has triumphantly executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes and Plastic Industries Ltd. and India’s Tata Steel Ltd. – a global first for the steel industry.

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The frightening rise in Covid-19 infections in recent weeks and partial lockdowns and restrictions in many parts of the country have heightened uncertainty regarding the pace of an economic revival. Given the strong possibility of modest-to-severe disruptions in domestic supply chains and contraction in domestic demand, the best hope for posting moderate economic growth comes from improved export prospects.

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Import of solar modules and cells might witness a sudden surge in August, thanks to the opening of an eight-month barrier-free window. The bulk of the imports are likely to be from China, given the pricing power being enjoyed by exporters from the neighbouring country.

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Exporters are in trouble after the government’s order banning all exports of the drug remdesivir and its active pharmaceutical ingredients. Any duty-free import allowed under advance license has to be matched with exports, but exporters manufacturing remdesivir have been barred from exporting the drug following the government order.

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The US government has chosen to lift the export ban on the essential raw materials required by the vaccine manufacturer in India to produce the COVID-19 vaccine. This development comes after National Security Advisor Ajit Doval and his US counterpart Jake Sullivan had a phone conversation regarding the spike in COVID-19 infections across the country.

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On Thursday, DP World said that it handled 18.9 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2021.

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