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export container

Exporters seeks tax exemption on profits restored

New Delhi: The exporting community has sought restoration of income-tax exemption on profits. This tax holiday should be available for five years, they told the Finance Minister, Mr Pranab Mukherjee, here on Monday as part of the pre-Budget discussions. A tax holiday, they contended, was necessary because of the “thin margins” in export activities. An income-tax exemption would help them competitively price their products in the international markets, they said. The global economic slowdown has dented demand in the developed markets.

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jewellery

GJEPC seeks tax exemption on export profits

Ahmedabad : Representatives of Gems and Jewellery Export Council (GJEPC) on Tuesday urged the finance ministry to make profits from exports of the industry tax-free for the last two years. Union finance minister Pranab Mukherjee met industry representatives to seek pre-budget suggestions from the industry. “We have sought a tax exemption on the export profits for two years on gems and jewellery industry,” said Vasant Mehta, chairman, Gems and Jewellery Export Promotion Council (GJEPC). Availability of finance is yet another problem the sector in general and diamond industry in particular is facing. “We informed the finance minister the diamond industry is facing tough times due to recession. Around 400,000 workers have already lost their jobs. The industry needs finance to survive. As a result, we have demanded dollar finance for the two years,” said Chandrakant Sanghvi, regional convener, GJEPC.
steel-paper

Govt panel returns proposals on safeguard duty on steel, paper

New Delhi: Rejecting domestic producers’ claims of injury from imports, an empowered government board today sought further consultations with user industries on proposed safeguard duty on imports of products like steel, paper and auto parts. Amidst a conflict of interest between the producer and the user industries, the Standing Board on Safeguards, headed by Commerce Secretary G K Pillai, deferred the decision on the proposal for imposition of 20-25 per cent safeguard duty on imports of these products for two months. It asked the Directorate General on Safeguards (DGS) to go back to different stakeholders, including the consumer industries, and then revert to the empowered body. “From evidence, we do not see any threat to the domestic industry,” Pillai said.

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The fourth annual edition of SME Expo Logistics & Material Handling 2009 is scheduled to be organized at Bombay Exhibition Centre, Mumbai (India) from August 19 - 21, 2009

  Custom Exchange Rates : All Rates Per Unit (w.e.f from 01-06-2009)

CURRENCY IMPORT EXPORT

Australian Dollar

 37.50 36.45

Canadian Dollar

 42.70 41.60

Danish Kroner

 9.05 8.75

EURO

 67.20 65.45

Hong Kong Dollar

 6.20 6.05

Japanese Yen (100)

 50.85 49.45

Norwegian Kroner

 7.60 7.35

Pound Sterling

 76.30 74.40

Singapore Dollar

 33.15 32.35

Swedish Kroner

 6.40 6.25

Swiss Franc

 44.25 43.15

U. S. Dollar

 47.90 47.00

* ALL RATES PER UNIT (The rates in this column are only meant for guidance)
                                           Abbreviations
                                           Bills of Lading
                                           3 Letter Code

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