Indian Westerlies

IT based risk management system (RMS) for export of Goods from India was launched today .  Speaking on the occasion Finance Minister said that RMS is a trust based IT system that expects the trade to make correct declarations to Customs. It is a trade facilitation measure which, on implementation, would reduce dwell time from few days to few hours. In view of its obvious advantages, RMS is also being endorsed globally at all forums including WTO.  Finance Minister also emphasized that success of any trade facilitation measure depends on compliance of legal requirements by trade. He urged the trade to comply with the legal provisions so that Customs can ensure speedy clearance of the import and export goods.  The launch of RMS in exports today covers 11 Customs stations at Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Pune and Tutocorin. It would be extended to all EDI Customs stations by year end. Benefits are expected to accrue to the trade in terms of faster c...

India's foreign trade data for October 2013 was released today .  Trade balance as well as exports performance has been improving for the past couple of months.  Exports during October 2013 stood at US $ 27.2 billion (Rs.168031.71 crore) which is 13.47 per cent higher in Dollar terms (31.86 per cent higher in Rupee terms) than the level of US $ 24 billion (Rs. 127431.81 crore) during October, 2012.  Cumulative value of exports for the period April-October 2013-14 was US $ 179.3  billion (Rs 1069226.68 crore) as against US $ 168.7 billion (Rs 918270.21 crore) registering a growth of 6.32 per cent in Dollar terms and growth of 16.44 per cent in Rupee terms over the same period last year. On the import side, the report reads: Imports during October, 2013 were valued at US $ 37.8 billion (Rs.233073.43 crore) representing a negative growth of 14.50 per cent in Dollar terms and a negative growth of 0.65 per cent in Rupee terms  over the level of ...