• 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
India's Export - Import
<b>India ‘a potential €1bn market’ for exporters</b>
<b>India's Annual Exports Cross 'Magic' $100 Billion Mark </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->April 10, 2006 -- India's annual exports jumped 25% to cross the "magic" $100 billion mark, but its trade deficit also swelled as imports grew even faster, a minister said April 7.

Exports rose to $101 billion in the fiscal year ended on March 31 but imports increased more -- by 32% to $140 billion. This widened the trade gap to $39 billion, up from $25 billion in the previous financial year, Trade Minister Kamal Nath said.

Oil accounted for 30% of the fast-expanding economy's import bill, the minister said. He noted that the country would have a $4 billion trade surplus if oil imports were excluded.

Indian exports have jumped 60% in two years under the government's policy aimed at doubling India's percentage of global merchandise trade within five years, Nath said. India's share of global trade stands at just under 1%.
<!--emo&:ind--><img src='style_emoticons/<#EMO_DIR#>/india.gif' border='0' style='vertical-align:middle' alt='india.gif' /><!--endemo--> Auto imports in UK hit Indian roadblock
Rashmee Roshan Lall
[ 18 Sep, 2006 1730hrs ISTTIMES NEWS NETWORK ]

RSS Feeds| SMS NEWS to 8888 for latest updates

Accordingly, Ponniah has launched a campaign to "save our tuctuc" and he optimistically claims "considerable support" from local politicians, residents and visitors for the greenest embryonic transport system anywhere in Europe.

Brighton's worthies say the taxi drivers were indeed jealous of the tuctuc's public profile and the fact that it is being hailed as the Third World answer to first world problems with cheap, fast, eco-friendly urban transport.

Soon after the Indian auto became a familiar sight on Brighton's streets, ecstatic customers started to debate their virtues as compared to taxis.

Said one satisfied tuctuc passenger in unflattering reference to taxis: "I feel this is good for visitors and locals alike and I can understand why taxi drivers are up in arms about it. I came to Brighton for the first time before the tuctucs were on the road. We dropped our bags off at the hotel, parked the car for free, jumped into a taxi and gave him the name of the hotel expecting to back the route we just travelled – less than five minutes. Instead, we were taken round the houses and it cost us £7.40 for the tour we did not request. So hats off to the tuctucs".

But the tuctuc's ride into British hearts has hardly been uneventful. Just days ago, one of its signature and most popular vehicles, the 'Chav-rolet' was grounded while its Burberry check pattern was painted out because the fashion house threatened to sue for breach of copyright.

Sighs Ponniah, 26 and still youthfully resolute that he will import 100 more autos from India by the end of the year for roll-out across Britain and Europe, "It's been a difficult few weeks. But all of this is a setback, not the end".

But Burberry's move to protect its distinctive and iconic mud-brown tartan pattern is still the least of Ponniah's problems.

Eventually, it must conquer – or succumb to – the problems that come with importing into Europe not just the Indian auto but that crippling sub-continental disease as well – unpunctuality.
< Previous|1|2|
<b>U.S. homework outsourced as "e-tutoring" grows </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->BOSTON (Reuters) - <b>Private tutors are a luxury many American families cannot afford, costing anywhere between $25 to $100 an hour. But California mother Denise Robison found one online for $2.50 an hour -- in India.</b>

"It's made the biggest difference. My daughter is literally at the top of every single one of her classes and she has never done that before," said Robison, a single mother from Modesto.

Her 13-year-old daughter, Taylor, is one of 1,100 Americans enrolled in Bangalore-based TutorVista, which launched U.S. services last November with a staff of 150 "e-tutors" mostly in India with a fee of $100 a month for unlimited hours.

Taylor took two-hour sessions each day for five days a week in math and English -- a cost that tallies to $2.50 an hour, a fraction of the $40 an hour charged by U.S.-based online tutors such as market leader Tutor.com that draw on North American teachers, or the usual $100 an hour for face-to-face sessions.

"I like to tell people I did private tutoring every day for the cost of a fast-food meal or a Starbucks' coffee," Robison said. "We did our own form of summer school all summer."
<b>Corporate America swears by the Gita</b>-- Chidanand Rajghatta

WASHINGTON: Corporate America is embracing Indian philosophy in a big way.
Suddenly, says Businessweek magazine in its latest issue, phrases from ancient Hindu texts such as the Bhagavad Gita are popping up in management tomes and on Web sites of consultants. Top business schools have introduced "self-mastery" classes that use Indian methods to help managers boost their leadership skills and find inner peace in lives dominated by work.

BW calls its <b>"Karma Capitalism"</b> -- a gentler, more empathetic ethos that resonates in the post-tech-bubble, post-Enron zeitgeist. And where it used to be hip in management circles to quote from the sixth century B.C. Chinese classic The Art of War, it says, the trendy ancient Eastern text today is the more introspective Bhagavad Gita .

In an episode recounted by BW , young executives from corporate American gather in a suburban New Jersey home to hear Swami Parthasarathy, one of India's best-selling authors on Vedanta, speak about secrets to business success – "concentration, consistency, and cooperation."
The 80-year old Indian guru is on a whistlestop tour of the US, counselling executives on the central message of the Gita – to put purpose before self. He has addressed meetings in b-schools such as Wharton and in financial schools such as Lehmann Brothers, advising fund managers and venture capitalists about balancing the compulsion to amass wealth with the desire for inner happiness.

In one incident, a young investment banker seeks advice on dealing with nasty colleagues. Banish them from your mind, he is told. "You are the architect of your misfortune. You are the architect of your fortune."
BW attributes the sudden interest in Indian philosophy to the sizeable presence of Indian teachers in American B-Schools. About 10% of teachers at places such as Harvard Business School, Northwestern's Kellogg School of Business, and the University of Michigan's Ross School of Business are of Indian descent -- a far higher percentage than other ethnic groups.

Indians also head some half dozen business schools in the US, including Kellogg. 
More important, says BW , Indian-born strategists also are helping transform corporations. Academics and consultants such as C. K. Prahlad, Ram Charan, and Vijay Govindrajan are among the world's hottest business gurus, advising some of the top US companies.
Indian theorists, says the journal, have a wide range of backgrounds and philosophies. But many of the most influential acknowledge that common themes pervade their work. One is the conviction that executives should be motivated by a broader purpose than money.

"The best way to describe it is inclusive capitalism," C.K.Prahlad, who ranked third in a recent Times of London poll about the world's most influential business thinkers told the magazine. "It's the idea that corporations can simultaneously create value and social justice."
"The key point," adds Ram Charan, a coach to CEOs such as General Electric Co.'s (GE ) Jeffrey R. Immelt, "is to put purpose before self. This is absolutely applicable to corporate leadership today."

BW says Indian business teachers such as Michigan’s Prahlad, Harvard’s Rakesh Khurana, Tuck’s Govindrajan, and Kellogg’s Jain, are linking some of their theories or deriving them Hindu philosophy.
"Marketing has tended to use the language of conquest," Kellogg’s Mohanbir Sawhney, a Sikh who discusses the relevance of the Bhagavad Gita to business on his Web site, tells BW. Now the focus is on using customer input to dream up new products, Sawhney says, which "requires a symbiotic relationship with those around us."
<b>China`s trade surplus with India set to cross USD 4 bn</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Beijing, Jan 04: China's trade surplus with India is set to cross the USD four billion mark this year, enabling the Communist trading giant to enjoy a favourable trade balance for the first time in Sino-Indian bilateral trade.

According to latest available Chinese customs statistics, the total trade during first 11 months of 2006 (January to November) was 22.38 billion US dollars.

Indian exports to China during the period amounted to 9.40 billion dollars while Indian imports from China surged to 12.98 billion dollars, allowing China to enjoy a trade surplus of 3.58 billion dollars.

With trade figure for December, 2006 yet to be released, industry sources said China's trade surplus with India is set to cross four billion US dollars. China is enjoying a trade surplus with India for the first time in history.

Analysts say the<b> trade imbalance is mainly due to dwindling Chinese import of iron ore from India while growing demand for Chinese goods from India.</b>

Meanwhile, China will continue to face trade frictions with both developed and developing nations in 2007 despite the government's efforts to balance foreign trade, a government think-tank has forecast.

China's exports will rise steadily and rapidly, notably in sectors such as textiles and televisions sets where the country is highly competitive despite a slow-down in the long term, a report by the Chinese Academy of Sciences (CAS) said. <!--QuoteEnd--><!--QuoteEEnd-->

Not a good sign. India is not making finished product for major market i.e China. India is relying too much on service sector.
<b>LPG water heaters blamed for a dozen Bangalore deaths</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->The gas geyser has gained popularity for its ability to reduce energy costs by over 70 per cent when compared to electric water-heaters, and for its reliability. <b>The LPG water heaters have earned the generic name Chinese Geysers as most of them are sourced from China by local importers. “Between 70 and 90 per cent of the LPG geysers are imported in a knocked-down condition from China and sold under local brand names,” </b>said N Sriram, general manager of Indus Appliances, a Bangalore-based gas geyser importing firm.

“But most geysers carry a prominent warning that it should be used in well-ventilated rooms,’’ he said.

Retailers of the Chinese geysers blame the indifference of consumers for the poisoning.<b> “Though we recommend installation of the geyser and the LPG cylinder outside the bathroom, many people insist on having at least the geyser in the bathroom,’’</b> says Sriram <!--emo&:thumbdown--><img src='style_emoticons/<#EMO_DIR#>/thumbsdownsmileyanim.gif' border='0' style='vertical-align:middle' alt='thumbsdownsmileyanim.gif' /><!--endemo--> <!--QuoteEnd--><!--QuoteEEnd-->
Its shame there is no authority to check quality and ban import these products from China.

<!--QuoteBegin-Mudy+Jan 4 2007, 09:05 PM-->QUOTE(Mudy @ Jan 4 2007, 09:05 PM)<!--QuoteEBegin-->
Not a good sign. India is not making finished product for major market i.e China. India is relying too much on service sector.

<b>Mudy Ji :</b>

Fret not! Check out the following :


You will note that for the April-September Period (Table : 3) there is <b>A SURPLUS OF ABOUT 23 BILLION IN THE INVISIBLES EXPORTS VIS-À-VIS INVISIBLE IMPORTS</b>

Thus I think that the end of the Year the Invisibles Surplus will be in the vicinity of USD 50 Billion and so with Exports of USD 125 Billion and Imports of USD 175 Billion India doesn’t have much to worry.

Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
India's Oil bill is too high. Last quater may shrink surplus. They are not investing in other natural source of energy for future development. Infrastructure is still lagging.
<b>Massive scandal in export of pulses </b>
Traders made a killing as consumers paid through their nose
Kamal Nath claims he ordered CBI inquiry last week
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Addressing mediapersons, BJP spokesman Ravi Shankar Prasad said that letters of credit for export of pulses were approved by the Government a day before the Cabinet decided to impose the ban. </b>
<b>"I am informed that many letters of credit against unlimited quantity and period were opened by some exporters in channel islands on or around June 21, 2006 itself and illegal export had been facilitated under cover of manipulated documents.

"This is supported by the fact that the decision was taken on June 22, 2006. But the notification was published on June 27, 2006, followed by a clarification on July 4, 2006 permitting letters of credit opened till June 21, 2006, to carry on the export," Prasad said..</b>
When prices of essential commodities started rising in the middle of 2006, the Cabinet on June 22, 2006 had decided to ban export of wheat and pulses initially for six months and later extended it till March 2007. The Commerce Ministry issued a notification on June 27, 2006 prohibiting export of pulses. But on July 4, 2006, the Ministry clarified that export of pulses contracted after June 22 will not be permitted.

Ban or no ban, export of pulses continued unabated. The Ministry's data showed that after the ban was put in place, pulses worth Rs 170.28 crore were sold outside the country. Pulses export at Rs 361.29 during April-July 2006 crore continued to rise to Rs 531.57 crore during April-October 2006. The export tally this year is roughly 25 per cent less than the previous year for the same period.

Prasad alleged that the manipulation has been done "under direct patronage of the high-ups of the department." He questioned the logic of such an exemption, when no such case was made for wheat. Upset by the July notification citing "irrevocable letter of credit", Prasad said the contract is between two private parties.
"A preliminary investigation by the Department of Revenue Intelligence (DRI) suspected foul play by three exporters - Jetking International, Kohinoor Foods and KRBL Ltd - who continued to export after the ban,' the Ministry said.

I am searching where I wrote 6-7 months back, ban was just a sham to make money. They created shortage, ministers and exporters made money from India and abroad. Suddenly, pulse prices went up in west and same happened in India. But according to local US importers, they were still getting product from Dubai through same agent but GOI is no more direct middleman.

We should look for connection between Pawar, Paswan, Dawood, and three companies.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>After dal, it's chana scandal </b>
Yoga Rangatia | New Delhi
Farmers lost Rs 400-600 a quintal due to policy flip-flop
Already facing charges that the Commerce Ministry looked the other way when traders clandestinely shipped out several tonnes of pulses despite a ban, it is facing fresh allegations that the Ministry manipulated the export of dollar chana. After a blanket ban, which brought down prices of the commodity, export restrictions were lifted for a few "favoured" companies.

The Commerce Ministry invoked the licence-permit regime for a commodity that falls under the open trade category. The decision swung trade in favour of a few select companies, which were able to avail of licence from the Directorate General of Foreign Trade. Farmers lost income due to price fluctuation brought about by uncertainties in the item's export.

Kabuli chana, or dollar chana as it is known among farmers, is widely cultivated for its export potential. This commodity has limited consumption in the domestic market. But this was not a consideration when the Government banned export of all pulses, after rising food prices created panic among the top decision-makers.

After the June 2006 ban on export of pulses, prices of Kabuli chana crashed from about Rs 2,700 per quintal to Rs 2,400 per quintal. Distressed farmers, who feared further fall in prices, sold their commodities rather cheaply to traders and middlemen.

Ending half a year of uncertainty, the Commerce Ministry on February 20, 2007, lifted the ban on export of dollar chana. Curiously, the Ministry said the trade will be "executed under specific permission granted by DGFT." chana export falls under open general licence and does not require a licence. Those following the trade allege that a few traders were favoured.

"The announcement that export ban was lifted had already seen prices rising. But then it became known that only a few traders could avail of the DGFT licence. According to my information, a handful of traders benefited from this export exemption. There was no need for DGFT licence since the Finance Minister has himself said that chana is under open general licence. The Commerce Minister should explain why such a decision was taken which caused losses for farmers," said Sumitra Mahajan, BJP member of Parliament from Indore, who raised the issue.

Continuing with its manipulation of export market, the Commerce Ministry did away with licence requirement for pulses trade within three weeks of putting it in place. The Directorate General of Foreign Trade on March 7, 2007 issued a notification, which said the export "prohibition shall not apply to export of Kabuli chana." This helped those who held on to their stocks while prices were fluctuating. "Some 30,000 tonnes of Kabuli chana was traded in this fashion, of which 20,000 tonnes were from Madhya Pradesh alone," Mahajan added. She questions the logic of quota-permit raj for a commodity that is allowed to be freely traded.

The policy flip-flop cost farmers their income. Trade body estimated that chana that was procured for Rs 2,400 per quintal from farmers, was sold at Rs 3,100 per quintal by traders when export ban was lifted. Farmers' losses are estimated to be between Rs 400 and Rs 600 per quintal due to the policy flip-flop.

The Pioneer correspondent's efforts to elicit response from both the Commerce Ministry and the DGFT failed. Scarcity, it seems, was an opportunity for the privileged few who have their ears plugged to the goings-on in Udyog Bhawan.

<b>Chana mein bhi kala
Govt created uncertainties on export of chana
First went in for blanket ban on chana export
This resulted in crashing of commodity prices
Suddenly lifted export restrictions
A few favoured companies made a killing
Item fell under open trade category
Commerce Ministry invoked licence-permit regime
Farmers lost income due to price fluctuation
This was brought about by uncertainties in export</b> 

I can recall, during Indira days, day before govt announced hike in oil price, Sanjay Gandhi and his friend filled their planes oil tanks and same was done by Babus from connected departments.
Excellent job done by crook Babus and ministers of India.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Dal scandal set to trigger political quake </b>
Navin Upadhyay | New Delhi
Probe can open Pandora's box, may turn heat on key Minister
The pulse export scam is threatening to hit the UPA Government's "aam admi" campaign hard with the CBI finding prima facie a 'case' in the allegations that some exporters flouted the ban order to ship thousands of tonnes of dal while the prices in domestic markets were skyrocketing. 

Sources in the CBI said the agency has gone into the findings of the internal report of the Commerce Ministry and subsequent investigation carried out by the Department of Revenue Intelligence and concluded that there was a clear 'case' of violation of ban by the exporters.

"After the Ministry provides us with the relevant reports which can be treated as FIR, we would launch a full-fledged investigation into the matter," sources in the CBI said.

After the scandal became public with BJP spokesman and MP Ravi Shankar Prasad seeking the Prime Minister's intervention and resignation of <b>Commerce Minister Kamal Nath</b>, his Ministry disclosed that the CBI had already been asked to probe the scam.

In a report submitted to the Ministry on March 12, which included the findings of preliminary investigation by the <b>DRI, the DGFT named three exporters, Jetking International, Kohinoor Foods and KRBL Ltd</b>, as suspect for flouting the ban.

A fresh twist in the case indicates that one of the three companies was a major beneficiary of the scam. Information available with The Pioneer shows that one of the said exporters shipped out as much as 30,000 tonnes of pulses from Mudhra port in Gujarat at the rate of $600 per tonne.

<b>The Delhi-based exporter is understood to have powerful political support. There are enough indications that a detailed probe could open a Pandora's box and might turn the heat on a key Minister in the UPA Government</b>.

Over the past several months, the commodity exports have been hit by one after another scandal involving wheat, sugar, onion, pulses and chana.

<b>While the pulses and chana export scams have put the Government in the dock and raised speculation about the political link to the exporters</b>, sources said that the inquiry into a Rs 150 crore sugar export scam has also shown involvement of a Delhi-based export company.

Sources said that <b>five companies sold in domestic market nearly one lakh tonnes of sugar earmarked for export. The exporters had procured the sugar from 12 co-operative factories in Maharashtra.</b>

In case of the <b>humble onion, the Government allowed 'big players' to export huge quantities and made a killing while domestic consumers paid through their nose</b>.

Similarly,<b> the Government banned the export of dollar chana last year even though it is hardly consumed in the country. After the prices crashed and farmers badly hit,</b> the Government issued licences to three companies for export whereas the commodity was earlier placed on the Open General Licence list. Only after a hue and cry from other exporters, the Government allowed its export under OGL. Meanwhile, <b>the three exporters made huge profits.</b>

With more and more information pouring in by the day, the commodity export scam could become a major source of embarrassment for the UPA Government, already reeling under political fallout of rising prices.

Fresh disclosures could give the Opposition a major weapon to corner the Government for looting aam admi and blaming supply side decline for the price rise. <!--QuoteEnd--><!--QuoteEEnd-->

Sonia called George Fernandes "Coffin chor", We should call her "Farmers killer" or "Dal chor", "Deshi drohi" or please add more.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Dal thickens: Traders may have forged papers </b>
Navin Upadhyay | New Delhi
<span style='font-size:14pt;line-height:100%'>Circumstantial evidence points to connivance with Ministry babus</span>
Exporters involved in the politically sensitive pulse scam are understood to have negotiated major supply contracts abroad after the Government's decision to impose export ban on June 22.

Subsequent to the ban, they manipulated necessary documents in alleged connivance with officials to ship huge quantities of dal out of the country. 

Sources said that the Union Cabinet's June 22, 2006 decision to impose a ban on pulse exports was based on a note prepared by the Agriculture Ministry. The Ministry pressed for the ban on export in view of shortage of pulses and related escalation of their prices in the domestic market.

<b>After the Cabinet okayed the ban, the exporters lobbied with the Agriculture Ministry to extend the deadline of June 22, pleading that they were negotiating some major contracts. </b>However, sources said the Ministry refused to make any concession and clearly told them that in view of the lack of supply in domestic markets no further export could be allowed.

<b>Sources pointed out that on the basis of Letters of Credit opened before the coming of ban, the exporters reportedly clinched the contracts and executed the order on the basis of manipulated documents.</b>

Sources pointed out that export requires clearance at various levels and in case of ban on export of any commodity, the decision is immediately flashed to Customs authorities at different ports and airports. That raises the possibility that either the pulse consignments shipped out after June 22 were shown booked in advance or the exporters made false declarations about the goods.

However, what is baffling is the fact that the exporters continued to flout the ban for over eight months and even though the scam was in public domain, the Government looked the other way till the Association of Pulses Manufacturers-Exporters of India wrote to Prime Minister Manmohan Singh and sought his intervention in the matter.

Two things seem to be very clear in the case. First, the exporters continued negotiating and clinching fresh contracts after the ban was imposed. The fact that exports continued for so long after the ban, established this beyond reasonable doubt. "It is unlikely that they would be executing old orders for so long," an official said, adding that, "it showed their audacity and confidence that no one was going to touch them."

The Commerce Ministry may have asked for a CBI probe in the scam, but it is shocking that no one in the Government bothered to find out the reason for short supply of pulses in the domestic market after the ban was enforced.

"The rising price of pulses in the domestic market should have alerted the people who were monitoring the supply side," an official said.

<b>Secondly, the officials at various levels must have connived with them or else such a brazen violation of a Government order could not have gone unnoticed</b>.

<b>"And if there was no connivance then it is a very sad reflection on the functioning of the Government. Tomorrow someone could ship out nuclear materials and the Government would simply not know," </b>said an official.  <!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Dal scam: Noose starts to tighten </b>
Navin Upadhyay | New Delhi
pioneer impact
Preliminary investigation by the CBI has pegged the quantum of the pulse scam at Rs 250 crore and established that the exporters had forged documents to circumvent the ban.

The probe has also pointed to the involvement of Dubai-based importers who connived with the Indian exporters in manipulating the Letters of Credit.

Acting promptly on complaints received from the Director General of Foreign Trade (DGFT) regarding the illegal export of pulses, the CBI on Friday registered separate cases against three Delhi-based export firms and certain Dubai-based buyers.

<b>The CBI also raided their premises and seized incriminating papers and computer discs containing agreement with the buyers, invoices, Letters of Credit (LC), shipment details, correspondence with the Government agencies.</b>

While speculation is doing the rounds that the pulse scam has been facilitated by the high-ups in the Government and a section of the Commerce Ministry officials, sources said that during the course of investigation, the agency would also examine how the officials overlooked such a brazen irregularity for more than six months.

The firms whose premises were raided are Kohinoor Foods, Jetking Ltd and KRBL Limited. The first two are located at Greater Kailash and the third one at Wazirpur. Investigation showed that Kohinoor Foods exported to Al Khaleej Company, KRBL Ltd to Pan Global Trading, and Jetking to Kumar Trading. All three import firms are located in Dubai.

The CBI said that the three firms under scanner exported about 60,000 metric tons of pulses valued at approximately Rs 250 crore during the ban period.

The probe has corroborated a spate of reports by The Pioneer that the exporters used backdated Letters of Credit to circumvent the ban. The CBI said that the three exporters opened backdated LCs with the World Street Trading Bank at Cook Island and in collusion with others flouted the ban imposed on pulse export on June 22.

CBI sources said that the broader picture about the involvement of persons who may have facilitated the scam would emerge after the interrogation of the accused persons and examination of the evidence seized from their premises.

"At this stages, we are only examining three exporters, because we had received specific complaints about their involvement. But we don't rule out broadening the ambit of scope after examining what we seized on Friday," an official said.
Last two paragraphsays nothing is going to happen, coverup will start. Money made by Babus will be used by wife and kids for shopping, new electronics etc and Minister will use for next election.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Dal scam: Plot left escape route for swindlers </b>
Navin Upadhyay | New Delh
Commerce Ministry amended vital provision after eight months of ban
The genesis of the multi-crore dal scam that has created a political upheaval within the UPA Government goes back to the undue concessions given to exporters under Foreign Trade Policy (2004-2009).

<b>Clause 1.5 of the Foreign Trade Policy (2004-09) says that "In case an export or import that is permitted freely under this policy is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that the shipment of the export or import is made within the original validity of an irrevocable Letter of Credit established before the date of imposition of such restriction."  </b>  <!--emo&Big Grin--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->

In simpler terms, it means that even after the imposition of a ban, export of goods contracted under a predated LC would be permitted.

While banning the export of pulses from June 22 onwards, the Commerce Ministry did not take any step to keep in abeyance this provision, which allowed exporters to flout the ban. They opened backdated Letters of Credit after June 22 when the ban was imposed and cited the FTP provision to ship out Rs 250 crore worth of pulses.

After allowing exporters opportunity to take advantage of the FTP provision, the DGFT issued a notification No. 53 (RE-06)/2004-2009 dated March 3, 2007 amending the July 4, 2006 export ban notice.

The notification said that, "The transitional arrangements under para 1.5 of the Foreign Trade Policy, 2004-2009, as amended from time to time, shall not be applicable to export of pulses."

The DGFT said that amendments were introduced in public interest. However, it is baffling why the Commerce Ministry took eight months to realise that steep hike in pulse prices had created an uproar among the 'public'.

Sources say that one of the crucial aspects before the CBI, which is probing the dal scam, will be to look into the Commerce Ministry's failure to revoke the FTP Clause 1.5 at the time of the ban.

<b>"There seems to be a clear design in letting the exporters flout the ban. Such policy loopholes could only have been allowed by very senior high-ups or political decision-makers,"</b> said a senior official.

Incidentally, while the Cabinet Committee of Prices announced a blanket ban on pulses export on June 22, 2006, in another meeting of the CCP held on July 4, 2006, it was decided that export of pulses, contracted/LC opened between June 22 and June 27 will not be permitted by DGFT. Consequently, the DGFT issued the following notification on July 4:

"Further, the transitional arrangements notified under para 1.5 of the Foreign Trade Policy, 2006 shall not be applicable for export of pulses against irrevocable Letters of Credit opened on or after June 22 as the decision of the Government prohibiting the export of pulses was announced and got widely publicised on 22.6.2006 in the electronic and print media."

Clearly, while the Commerce Ministry was empowered not to allow export of pulses even contracted before June 22, 2006, it chose to look the other way. 
One should salute Babus of commerce Ministry, these crooks can beats anyone in corruption.
<b>Govt to import 15 lakh tonne pulses to fight inflation</b>

Now babus and ministers will get another round of opportunity to make money and more vacation for kids and shopping time for wives. <!--emo&Big Grin--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo--> How smart?
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>India Inc hit hard by rising interest rates: Assocham</b>
PTI | New Delhi
India Inc's bottomlines were hit hard by as much as 116 per cent rise in interest rates in the fourth quarter of 2006-07 as the Reserve Bank tightened money supply to combat inflation, industry chamber Assocham said.

"The corporate results are an indication toward the demand being impacted in the coming quarter and investment plans being hit, leading to capacity constraints if the cost of money keeps its upward trend," Assocham President Venugopal Dhoot said.

In a survey of 150 companies, Assocham found that the worst-hit companies were from real estate, engineering, IT and financial services, which have witnessed cost of money rising by more than double.

However, there are some sectors like telecom, entertainment and infrastructure that have reduced their borrowing cost, according to Assocham Eco Pulse Study on Interest Cost Analysis of 150 companies during the fourth quarter of 2006-07.

The corporates are still not sure whether the interest rates have peaked or there is still scope of further liquidity squeeze by the RBI.

The real estate companies have suffered the major setback from the central banks money tightening policies as their top-lines as well as bottom-lines have shown a much slower growth than their respective interest costs.

Shrinivasan Shipping and Property Development Ltd has paid 38 times more interest in the fourth quarter of 2006-07 than the corresponding period of the last year whereas its net profit has increased by a mere 11.5 per cent. The interest expenses of <b>Era Constructions have escalated by 545 per cent as compared to 242 per cent, where as total income and net profit went up by 140 per cent rise.</b>

"Clearly, RBI's tight money stance has hit right at the profitability of the companies, adversely affecting the growth of real estate industry," Dhoot said.

The interest burden of the engineering sector has increased more than six times in the reported period. The interest cost of Best Crompton and Engineering Ltd and Alfa Laval India has increased by 640 and 231 per cent while their top lines have grown by merely 11 per cent and 37 per cent respectively.

According to AEP, I<b>T is another sector which saw a huge jump in borrowing costs by 234 per cent due to high interest rate regime in the economy.</b>

<b>Satyam Computer Services and Triton Corporation are among the highest interest bearing IT companies with more than seven times high debt servicing costs in 2006-07</b><!--QuoteEnd--><!--QuoteEEnd-->
<b>Indian food tops list of shipments rejected by US</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->NEW YORK: The US Food and Drug Administration (FDA) rejected <b>1,763 food shipments from India</b>, 1,480 from Mexico and 1,368 from China in the 12-month period ending in June this year.

Some of India’s spices, seeds and shrimp contained salmonella while Mexico’s seafood, chillies and cheese were found too filthy to eat. Chinese products like seafood, bean curd and noodles were also filthy, ‘The New York Times’ has reported. But the FDA did not reveal the quantity of the products turned back, making it impossible to determine whether it was just a box of produce or an entire shipload, the Times pointed out. While China is hammered for defective food exports to the US, government records showed that food products from India and Mexico have been rejected more often than those from China. Coming after China were the Dominican Republic, Denmark, Vietnam, Japan, Italy and Indonesia, all of them for shipping contaminated food.

A total of 543 shipments were rejected from Denmark and 482 from Italy, the only two European countries among the nine countries with the most number of rejected shipments. In the cases of Italy, Denmark and Japan, problems with labels or documentation were cited as the main offences. China sent more products to the US than any of these countries, in terms of dollar value. China shipped goods worth a total $288 billion to the US in 2006, compared with Mexico’s $198 billion, <b>India’s $22 billion </b>and the Dominican Republic’s $5.3 billion.
<b>Health food maker promotes "China-Free" products</b>
By Bob Tourtellotte
LOS ANGELES (Reuters) - It's bound to go down the wrong way in Beijing: A U.S. health food company will label its products "China-Free" to ease concerns about contamination. <!--emo&Big Grin--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->

Food for Health International, based in Orem, Utah, makes whole food nutritional supplements for people and pets, and President Frank Davis said the company will begin trumpeting the fact none of its ingredients come from China.<!--QuoteEnd--><!--QuoteEEnd-->

<b>China blames foreign media for food health scares </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->BEIJING (Reuters) - Foreign media have fuelled unfounded fears about Chinese products, the nation's top quality official has said, as China blocked a U.S. protein powder shipment while the two countries sparred over safety worries

Chinese inspectors announced that a protein powder from a U.S. supplier contained too much selenium and was being sent back, the official Xinhua news agency reported on Monday.


At the weekend, China also suspended pork and poultry from some U.S. suppliers after finding salmonella-contaminated chicken and meat products with growth agents or other additives.

<b>The bans, widely reported in the Chinese media, appeared to be Beijing's latest reminder that anxieties about product quality could also be directed at U.S. goods</b>.

Companies affected by the meat ban include some of the giants of American agriculture, including a unit of the private Cargill Inc., and Tyson Foods, the leading U.S. producer of fresh beef and No. 2 producer of chicken and pork
<!--emo&Big Grin--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo--> <!--emo&Big Grin--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->
<b>India's Textile Exports Drops 36% In Q1 </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->(RTTNews) - Tuesday, the media reported that India's textile exports dropped 36% to $4.8 billion in the first quarter of fiscal year 2008, due to rupee strengthening. The textile minister, Shankersin Vughila, said that the government has set the target of $7.5 billion for the first quarter.<!--QuoteEnd--><!--QuoteEEnd-->

Forum Jump:

Users browsing this thread: 1 Guest(s)