New system may cut export customs clearance to few hours: FM
new delhi: Finance Minister P Chidambaram on Wednesday expressed hope that the time taken for customs clearance of export cargo will come down to a few hours after implementing a risk management system. India started using the RMS for imports in December 2005 and it has helped to bring in additional revenue of Rs 2,211 crore, Chidambaram added. It has also reduced the dwell time, or the duration for which cargo remains in transit storage while awaiting clearance, for incoming shipments. “The revenue department claims that the dwell time for imports has come down drastically after launch of RMS in imports. Likewise, RMS in exports is intended to bring down the dwell time so that the cargo meant for exports moves up quickly, leaves the shores of India towards its ultimate destination,” Chidambaram said.
Service tax amnesty yields Rs 1,500 cr
New Delhi: Service tax amnesty scheme has so far yielded Rs 1,500 crore in revenue for the government, with 6,283 assessees taking advantage of the VCES that was announced in the Budget 2013-14. “The government as on November 11, has received 6,283 applications declaring tax to the tune of Rs 1,500 crore for availing of government’s service tax amnesty scheme,” an official said. The government had launched the Service Tax Voluntary Compliance Encouragement Scheme (VCES) to give an opportunity to service tax defaulters to pay dues and come clean. Bulk of the declarations, according to the official, were made by assesses engaged in construction and works contracts, followed by transportation and supply of manpower.
Adani seeks more land for Mundra SEZ proj
new delhi: Adani Ports and Special Economic Zone is seeking additional land from the government for its SEZ at Mundra in Gujarat, a company official said. “We have 6,700 hectares of land that is notified, we have asked for another 1,800-1,900 hectares of land,” a company official said. He said the government had also sought some more details about the matter which the company has addressed. “We are optimistic that we will get it, the administrative process will take its own course, we are completely compliant with the law and we will get it,” he added. Conducting business in a SEZ (special economic zone) usually means that a company will receive tax incentives. Adani Ports and SEZ reported over 24 per cent jump in consolidated net profit at Rs 341.83 crore for the quarter ended September 30, 2013.
Sebi order against Nakoda promoters upheld
mumbai: The Securities Appellate Tribunal on Wednesday upheld Sebi’s order that had asked Nakoda Ltd promoters to make public announcement to acquire additional shares. It also upheld Sebi directive that asked them to pay 10 per cent interest, along with the consideration amount, to those who held the shares during the period when the promoter entities were hiking their stakes in Nakoda. The 12 promoter entities of Nakoda including P B Jain Investment and Nakoda Syntex had failed to make the public announcement to buy additional shares of the firm after their collective stake rose from 26.38% to 44.03%.
World economy making positive growth: WB
new delhi: The World Bank chief has said growth in the global economy is proceeding in a positive way. Jim Yong Kim however added that there was still a lot of work to be done to make sure the growth lasts. Kim said it was important for the United States to solve its budget-debt brawl in early 2014. He added that any kind of uncertainty in the US would impact the global economy, particularly those of developing countries.