AIDC
Alibaba integrates ecommerce platforms into a single business unit
Alibaba International Digital Commerce (AIDC) group chief Jiang Fan, a former head of Tmall who was demoted in 2020 following an online scandal, has been tapped to lead the new unit. He will report to Alibaba Group CEO Eddie Wu.
Commodity Talk: Domestic gold prices playing catch-up with international rates post duty cut: Anuj Gupta
Yes, in the short term, we may see some consolidation and correction in gold, but overall, our view remains bullish, and we believe the price of gold is likely to move higher towards $2,560/$2,595 levels from its current level, with strong support at $2,465/$2,433.
Unease of doing business: How the customs department confounds all with outlandish language in notifications
In a democratic setup where you want citizens to understand the law, the official language used to communicate must be easy to understand. With very complicated notifications, the customs department has probably forgotten that the language can be as valuable as the message.
Gold and silver to become cheaper, customs duty cut to 6%
Union Budget 2024: Finance minister Nirmala Sitharaman cut customs duty on gold and silver to 6% in Budget 2024 today. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent," said the FM.
Gold plunges Rs 4,200/10 gram after FM cuts customs duty on bullion
While the August gold futures fell over 6% or by Rs 4,268 per 10 gm to hit the day's low of Rs 68500, silver September futures on the MCX tanked by Rs 4,928 per kg or 5.5% to hit the intraday bottom of Rs 86,000.
Titan, Kalyan Jewellers rally up to 7% as FM slashes customs duty on gold, silver to 6%
In this year's Union Budget, the Indian jewellery industry sought a reduction in gold import duty, along with a 0.5% concession on imports through the India International Bullion Exchange. Additionally, the industry requested permission to export through IIBX and for all gold imports to be exclusively channelled through this exchange.
Assam Govt inks pact with Tata Group to lease over 170 acres of land for semiconductor unit
Assam Government and Tata Group signed a 60-year lease for 170 acres in Morigaon for a Rs. 27,000 crore semiconductor unit at Hindustan Paper Corporation's site. Approved by PM Modi's cabinet, construction starts in 100 days. A Skill Development Centre will co-locate in Jagiroad; the first chip rolls out by 2025. Youth training is ongoing.
Centre exempts gold import by RBI from customs duty, agri cess
The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.
India allows RBI to import gold without paying import levies
As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes.
Alibaba boosts share buyback as revenue misses estimates
Alibaba executives expressed coolness about the near-term potential of IPOs for Cainiao logistics and Freshippo. Alibaba is considering selling consumer sector assets, including Freshippo, which has been engaged in a price war with Walmart's Sam's Club.
Alibaba boosts share buy back as revenues miss
China's Alibaba Group Holding on Wednesday missed analysts' estimates for third-quarter revenue, hurt by softness in the retail market and sagging economic recovery in the world's second-largest economy.
CBIC notifications use complex language; need simplification to help industry: GTRI
The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details.
Centre increased import duty on gold and silver coins to 15%
The government has increased import duties on gold and silver finding and coins to 15%, including basic custom duty and ADIC. The new rates will be effective January 22. The government also increased import duties on silver dore, bars, and articles to align with gold and platinum import duties.
Govt slashes import duty, agri and infra cess on LPG import to nil
The Finance Ministry in a notification said that imports of LPG, liquified propane and liquified butane have been fully exempted from Agriculture Infrastructure Development cess (AIDC) effective September 1.
AIDC and Singapore firm Surbana Jurong sign LoI for urban infrastructure development
Assam Chief Minister Himanta Biswa Sarma and the South-East Asian city nation¡¯s Senior Minister Tharman Shanmugaratnam, signed a ¡°Letter of Intent¡±.
Assam Industrial Development Corporation takes over assets of Hindustan Paper Corporation, Cachar Paper Mill
AIDC was declared the successful bidder. On behalf of the government of Assam, AIDC has taken over the assets of Nagaon and Cachar paper mills.
India cuts tax on crude palm oil imports to help consumers, refiner
The reduction in the tax, known as the Agriculture Infrastructure and Development Cess (AIDC), will widen the gap between the CPO and refined palm oil import duties, effectively making it cheaper for Indian refiners to import CPO, industry officials told Reuters.
GJEPC welcomes govt move to exempt AIDC on gold, silver for exporters; says to boost exports
The Gem and Jewellery Export Promotion Council (GJEPC) on Thursday welcomed the government's move to exempt the Agriculture Infrastructure and Development Cess (AIDC) on gold and silver bars and dore for exporters, and said it will boost jewellery exports.
'Will solve land problem', Assam CM Gogoi assures industry
Project worth Rs 2000 crore are hauled up due to non availability of land. Gogoi said land and power are two major problems stalling industrial growth in Assam.
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