New regulations relating to the filing of bills of entry (BEs) by importers have been issued by the Central Board of Indirect Taxes and Customs (CBIC). More
The permitted level of foreign direct investment (FDI) in the country’s insurance companies is to be raised under the terms of a new bill - The Insurance (Amendment) Bill 2021. As an update to the Insurance Act (1938), it sees the permissible foreign ownership of a stake in an Indian insurance firm increases from 49% to 74%. More
The country’s 12 state-run ports are to be converted into independent bodies, giving them the flexibility to determine their own service rates and the freedom to attract private sector investment. More
The signing of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius has now been approved, making this the first trade agreement the country has signed with an African nation. More
The country’s 2021 Union Budget has increased import duties on a wide range of goods as the government looks to promote and boost domestic manufacturing. With many of these customs duty changes having taken effect from 2 February 2021, full details can be found on the Union Budget website under “Customs Notifications”. More
New regulations have seen the cost of registering a cosmetic product cut from US$2,000 per category to US$1,000 per category, while the validity of the registration period has also been extended from three years to five. More
The country has entered an agreement with India with regard to establishing a bilateral trade forum as a channel for updating their existing trade and transit treaty. More
The country’s Gem & Jewellery Export Promotion Council (GJEPC) has called on the Finance Ministry to exempt the sector from the 2% digital Equalisation Levy (as introduced in the Finance Act 2020), as this affects the e-commerce procurement of rough diamonds. More
