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India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

New Delhi, Aviation watchdog <keyword id="19899185" type="General" weightage="20" keywordseo="dgca" source="keywords">DGCA</keyword> has deferred the implementation of the revised flight duty norms for pilots that were to be effective from June 1, according to two civil aviation ministry officials. One of the officials on Tuesday said the revised norms have been deferred for some time to have wider consultations. The new norms provide for more rest time for pilots and seek to alleviate pilot fatigue. The latest decision comes less than two weeks after the <keyword id="19926254" type="General" weightage="20" keywordseo="directorate-general-of-civil-aviation" source="keywords">Directorate General of Civil Aviation</keyword> (DGCA) told airlines that the deadline for implementing the revised Flight Duty Time Limitations (FDTL) norms will not be deferred. Another official said implementation of the revised FDTL norms has been deferred for some time to enable thorough consideration of all elements. The <keyword id="20738678" type="General" weightage="20" keywordseo="federation-of-indian-airlines" source="keywords">Federation of Indian Airlines</keyword> (FIA), comprising <keyword id="19896871" type="General" weightage="20" keywordseo="air-india" source="keywords">Air India</keyword>, <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> and <keyword id="19899182" type="General" weightage="20" keywordseo="indigo" source="keywords">IndiGo</keyword>, had written at least twice to the regulator seeking more time for implementation of the revised FDTL norms that were issued on January 8. In a communication to the FIA earlier this month, the regulator said the airlines have to take all necessary steps to roll out the revised FDTL CAR (<keyword id="20777683" type="General" weightage="20" keywordseo="civil-aviation-requirements" source="keywords">Civil Aviation Requirements</keyword>) with effect from June 1, 2024. The revised norms provide for increased weekly rest time to 48 hours for pilots and limit the number of landings to two during night operations. Besides, the night hours for pilots will be extended to cover the period from midnight to 6 am whereas it was midnight to 5 am earlier. Also, all airlines have to compulsorily submit quarterly fatigue reports, which "should follow a non-punitive and confidentiality policy".

DGCA defers implementation of revised flight duty norms for pilots

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<ul class="summary-list"><li>A lawsuit brought against the state of Montana by a group of kids heads to trial on Monday.</li><li>Whether a constitutional right to a livable climate is protected by state law is at the center of the lawsuit.</li></ul>Whether a constitutional right to a <a href="https://www.businessinsider.com/climate-change-alter-human-life-un-ipcc-report-2022-2">healthy, livable climate</a> is protected by state law is at the center of a lawsuit going to trial Monday in Montana, <a href="https://www.businessinsider.com/climate-action-30-top-global-leaders-working-toward-climate-solutions-2022">where 16 young plaintiffs</a> and their attorneys hope to set an important legal precedent.It's the first trial of its kind in the U.S., and legal scholars around the world are following its potential addition to the small number of rulings that have established a government duty to protect citizens from <a href="https://www.businessinsider.com/climate-change-alter-human-life-un-ipcc-report-2022-2">climate change</a>.The trial comes shortly after the state's Republican-dominated legislature passed measures favoring the fossil fuel industry by stifling local government efforts to encourage renewable energy while increasing the cost to challenge oil, gas, and coal projects in court.By enlisting plaintiffs ranging in age from 5 to 22, the environmental firm bringing the lawsuit is trying to highlight how young people are harmed by climate change now and will be further affected in the future. Their testimony will detail how wildfire smoke, heat and drought have harmed residents' physical and mental health.The plaintiffs' youth has little direct bearing on the legal issues, and experts say the case likely won't lead to immediate policy changes in fossil fuel-friendly Montana.But over two weeks of testimony, attorneys for the plaintiffs plan to call out state officials for pursuing oil, gas and coal development in hopes of sending a powerful message to other states.Plaintiff Grace Gibson-Snyder, 19, said she's felt the impacts of the heating planet acutely as wildfires regularly shroud her hometown of Missoula in dangerous smoke and as water levels drop in area rivers."We've seen repeatedly over the last few years what the Montana state Legislature is choosing," Gibson-Snyder said. "They are choosing fossil fuel development. They are choosing corporations over the needs of their citizens."In high school, Gibson-Snyder was an environmental activist who was too young to vote when she signed on as a plaintiff. The other young plaintiffs include members of Native American tribes, a ranching family dependent on reliable water supplies and people with health conditions, such as asthma, that put them at increased risk during wildfires.Some plaintiffs and experts will point to farmers whose margins have been <a href="https://apnews.com/article/droughts-science-government-and-politics-business-environment-and-nature-8c5863077b1e8f3876dd7d0b4426d27c" target="_blank" rel="noopener">squeezed by drought</a> and extreme weather events like last year's <a href="https://apnews.com/article/technology-science-weather-montana-billings-45805c9bd89b39307b4fa0ec30ac8a93" target="_blank" rel="noopener">destructive floods</a> in Yellowstone National Park as further evidence that residents have been denied the clean environment guaranteed under Montana's Constitution.Experts for the state are expected to downplay the impacts of climate change and what one of them described as Montana's "minuscule" contributions to global greenhouse gas emissions.Lawyers for Montana Attorney General Austin Knudsen, a Republican, tried repeatedly to <a href="https://www.bozemandailychronicle.com/ap_news/montana-youth-climate-trial-to-move-forward-next-month-with-narrowed-scope/article_1f5e7812-1e62-5633-905d-79ad55db5247.html" target="_blank" rel="noopener">get the case thrown out</a> over procedural issues. In a June 6 ruling, the state Supreme Court rejected the latest attempt to dismiss it, saying justices were not inclined to intervene just days before the start of a trial that has been "literally years in the making."One reason the case may have made it so far in Montana, when dozens of <a href="https://apnews.com/article/richmond-lawsuits-virginia-climate-and-environment-8c9b90ec8dcc33b0419ed6e3fdddd460" target="_blank" rel="noopener">similar cases elsewhere</a> have been rejected, is the state's unusually protective 1972 Constitution, which requires officials to maintain a "clean and healthful environment." Only a few other states, including Pennsylvania, Massachusetts and New York, have similar environmental protections in their constitutions.In prior rulings, State District Judge Judge Kathy Seeley significantly narrowed the scope of the case. Even if the plaintiffs prevail, Seeley has said she would not order officials to formulate a new approach to address climate change.Instead, the judge could issue what's called a "declaratory judgment" saying officials violated the state Constitution. That would set a new legal precedent of courts weighing in on cases typically left to the government's legislative and executive branches, environmental law expert Jim Huffman said.Still, such a ruling would have no direct impact on industry, said Huffman, dean emeritus at Lewis &amp; Clark Law School in Portland, Oregon."A declaratory judgment would be a symbolic victory, but would not require any particular action by the state government. So the state could, and likely would, proceed as before," he said.Economist Terry Anderson, a witness for the state, said that over the past two decades, carbon dioxide emissions from Montana have declined, but that's in part due to the shuttering of coal power plants."Montana energy or environmental policies have virtually no effect on global or local climate change because Montana's GHG (greenhouse gas) contributions to the global total is trivial," Anderson said in court documents.He argued climate change could ultimately benefit Montana with longer growing seasons and the potential to produce more valuable crops.Supporters of the lawsuit predicted an overflow crowd when the trial starts Monday in Helena. They rented a nearby theater to livestream the proceedings for those who can't fit in the courtroom.The case was brought in 2020 by attorneys for the environmental group Our Children's Trust, which has filed climate <a href="https://apnews.com/article/archive-d333ef30b16d442fb25481a927336da3" target="_blank" rel="noopener">lawsuits in every state</a> on behalf of young plaintiffs since 2011. Most of those cases, including <a href="https://apnews.com/article/archive-505718d1fff142fbae307495d0759704" target="_blank" rel="noopener">a previous one in Montana</a>, were dismissed prior to trial.A ruling in favor of the Montana plaintiffs could have ripple effects, according to Philip Gregory, Our Children's Trust attorney. While it wouldn't be binding outside Montana, it would give guidance to judges in other states, which could impact upcoming trials such as one in Hawaii, Gregory said.Attempts to get a similar decision at the federal level were boosted by a <a href="https://apnews.com/article/youth-climate-lawsuit-trial-oregon-7ad2fa18f5276f12c64c0ce775aba2f6" target="_blank" rel="noopener">June 1 ruling</a> allowing a case brought by young climate activists in Oregon to proceed to trial in U.S. District Court. That case was <a href="https://apnews.com/article/north-america-lawsuits-us-news-us-supreme-court-brett-kavanaugh-da345dcfc68842e59147cc4bf1613e6f" target="_blank" rel="noopener">halted by U.S. Supreme Court Justice John Roberts</a> on the eve of the trial in 2018.From 2011 through 2021, Our Children's Trust brought in contributions of more than $20 million, growing from four employees to a team of more than 40 attorneys and other workers and about 200 volunteers, according to tax filings and the group's website.Founder Julia Olson said securing the trials in Montana and Oregon marked a "huge step" forward for the group."It will change the future of the planet if courts will start declaring the conduct of government unconstitutional," she said.While Montana's Constitution requires the state to "maintain and improve" a clean environment, the Montana Environmental Policy Act, originally passed in 1971 and amended several times since, requires state agencies to balance the environment with resource development.Lawmakers revised the policy this year to say <a href="https://apnews.com/article/gas-plant-climate-judge-0d658f52a3d10d2ebd50f40499ac33e2" target="_blank" rel="noopener">environmental reviews</a> may not look at greenhouse gas emissions and climate impacts unless the federal government makes carbon dioxide a regulated pollutant.A key question for the trial will be how forcefully the state contests established science on human-caused greenhouse gas emissions, said Jonathan Adler, environmental law professor at Case Western Reserve University in Cleveland. If the state doesn't deny that science, the trial will deal with the question of whether courts can tell governments to address climate change."I'm skeptical about that," Adler said. "It really pushes the boundaries of what courts are capable of and effective at addressing."To Gibson-Snyder, now a student at Yale University in New Haven, Connecticut, the court system became the only avenue to make change as a 16-year-old.Since then, "I've become maybe a bit disillusioned," she said. "The question is not only can we create sustainable policy, it's how can we dismantle the policy that's actively harming Montana?"

A lawsuit brought by kids in Montana could determine if the state has a constitutional duty to protect its residents from climate change

<keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">Excise duty</keyword> can be explained as a kind of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword>. Excise duty refers to the tax amount that gets included in the selling price. The other name of excise duty is excise tax. The consumer has to pay the excise duty or excise tax while making a purchase. Retailers need to calculate the excise duty from time to time and must ensure the timely payment of the same. Excise duty in the Indian context Excise duty is levied on the goods that are manufactured within India as against the custom duty which is levied on the goods that are imported from outside the country. The introduction of GST in India has made some significant changes to how excise duty works in the country. GST has subsumed a majority of indirect taxes like excise duty. This will mean that after the GST was introduced, excise duty has almost ceased to exist in the country. However, excise duty is still applicable in case of products like petroleum and liquor. Here we discuss how the concept of excise duty worked in India before the introduction of GST. The indirect tax of excise duty is generally collected by the retail seller from the customers and paid to the government. This duty is payable on the manufacture of goods. It is payable at the time of taking delivery of the goods from the place of production or from the warehouse for the purpose of selling. Since the excise duty is levied on the manufacturing of the said goods, there is no need to actually sell them to be able to recover the excise duty. The authority for the collection of excise duty in India is the Central Board of Excise and Customs (CBEC). Types of excise duty in India Traditionally speaking in India before the advent of GST, there had been three kinds of excise duty as given under. A revised understanding of the excise duty is called for after the GST took effect. Basic Excise Duty Basic excise duty is also referred to as Central Value Added Tax (CENVAT). This category of excise duty is levied on goods that are classified under the first schedule of the Central Excise Tariff Act, 1985. This duty is levied under Section 3 (1) (a) of the Central Excise Act, 1944. This excise duty is applicable for all goods excepting salt. Additional Excise Duty Section 3 of the Additional Duties of Excise also known as the goods of high importance, coming under Act 1957 levies excise duty on goods that are listed under schedule 1 of the given act. This duty is levied on some special category of goods. The central and state government charge these taxes in lieu of the sales tax. Enacted in 1978, the Act of Additional Duties of Excise (Textiles and Textile Articles) also creates room for a similar kind of legislation. Special Excise Duty This type of excise duty is levied on special goods that are classified under the Second schedule to the Central Excise Tariff Act, 1985.

What is Excise Duty and How it is calculated

<ul><li><keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">Electric vehicles</keyword> are all set to get dearer thanks to increase in customs duty rates by up to 67%.</li><li><keyword id="6355315" type="PERSON" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> had earlier said <keyword id="107096" type="PERSON" weightage="20" keywordseo="Tesla">Tesla</keyword> might run on Indian roads in 2020.</li><li>The increase in customs duty will go into effect on April 1, 2020.</li><li>Apart from this, the government has increased funds allocated for the FAME – India scheme to ₹693 crore from ₹500 crore a year ago.</li></ul>Elon Musk was hoping to launch Tesla in India, one of the world's big and budding markets for electric vehicles (EV). But even before Musk could break ground in the subcontinent, the Indian government has decided to increase the basic customs duty on imported EVs to 40% from 25%. Musk was <a href="https://www.businessinsider.in/elon-musk-explains-why-tesla-isnt-in-india-yet/articleshow/64398873.cms">already concerned</a> about the regulations in India, and the latest duty hike on EVs may have made Tesla even less competitive at a time when a lot of local carmakers are joining the EV bandwagon. 
	
	
	
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 The revised duties will affect electric motor vehicles used for transport of passengers and goods, and motorcyles (including scooters). <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">From </td><td style="border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">To </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Completely Built Units (CBUs) of commercial electric vehicles </td><td style="border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td><td style="border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Semi Knocked Down (SKD) forms of electric passenger vehicles, three-wheelers </td><td style="border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Semi Knocked Down (SKD) forms of electric vehicles - Bus, Trucks and two-wheelers </td><td style="border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Completely Knocked Down (CKD) forms of electric vehicles - Passenger vehicles, Bus and Trucks, three-wheelers, two-wheelers </td><td style="border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr></tbody></table> Essentially, electric cars and scooters will get expensive from April 1, 2020, when the revised customs duty rates go into effect. Government increases FAME – India allocation by 39% The Modi government today announced a 39% increase in the budget for promoting adoption of electric vehicles. The expanded budget allocation falls under the FAME – India Phase II scheme and should come as a shot in the arm for the nascent EV industry in India. In her second budget, Nirmala Sitharaman has allocated ₹693 crore, which is a sharp increase from the ₹500 crore allocated in the previous year. 
 
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 What exactly does this mean to me as a buyer of electric vehicles? The Scheme for Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle in India (FAME – India) is aimed at offering incentives to buyers in the form of subsidies. Increased allocation for this scheme shows that the government is serious about promoting the use of electric vehicles. This is especially important right now when the infrastructure and network for electric vehicles in India is still in early stages of development, leading to electric vehicles being more expensive when compared to regular petrol-powered vehicles. Earlier this year, the government had <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/government-approves-2636-new-charging-stations-in-62-cities-prakash-javadekar/articleshow/73083792.cms">approved</a> 2,636 new charging stations for electric vehicles. Under the Phase 1 of the FAME – India scheme, over 2,80,000 buyers have claimed incentives on the purchase of electric vehicles. The government has disbursed almost ₹360 crore till date as incentives. See also: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Check live Budget 2020 updates here</a> <a href="https://www.businessinsider.in/budget/news/government-to-announce-new-policy-to-encourage-domestic-manufacturing-of-mobile-phones-and-electronic-equipment/articleshow/73834403.cms">Government to announce new policy to encourage domestic manufacturing of mobile phones and electronic equipment</a> <a href="https://www.businessinsider.in/top-electric-cars-india-january-2020/articleshow/73727324.cms">Top electric cars in India in January 2020</a>

Elon Musk alert! India just hiked customs duty on imported electric vehicles to 40%

H0yderabad, Telangana Chief Minister K. Chandrasekhar Rao on Monday announced 30 per cent salary hike for all the government employees and teachers under the 11th Pay Revision Commission (PRC). He told the <keyword id="6671774" type="COMPANY" weightage="20" keywordseo="state-legislative-assembly">State Legislative Assembly</keyword> that the orders will come into force with effect from April 1, 2021. He also announced raising the superannuation age for employees and teachers up to 61 years. In 2018 election manifesto, Telangana Rashtra Samithi (<keyword id="43749" type="COMPANY" weightage="20" keywordseo="TRS">TRS</keyword>) had promised to increase retirement age from 58 to 61 years. The salary hike will benefit around 9.17 lakh employees working the state. Unlike in the past when pay revision was given to only regular employees, the government decided to implement the PRC recommendations for contract and outsourcing employees, homeguards, Anganwadi and <keyword id="6402431" type="COMPANY" weightage="20" keywordseo="asha">ASHA</keyword> workers, SERP employees, Vidya Volunteers, <keyword id="6398301" type="COMPANY" weightage="20" keywordseo="KGBV">KGBV</keyword> and <keyword id="53505" type="COMPANY" weightage="20" keywordseo="SSA">SSA</keyword> employees, grant-in-aid, work charged and daily wage employees. KCR, as Rao is popularly known, announced increasing the gratuity at retirement for the employees from Rs 12 lakh to Rs 16 lakh. The government also decided to to reduce the age limit from 75 years to 70 years for 15 per cent additional quantum of pension to the retired government employees and teachers. The government has decided to extend family pension policy to the family members of the CPS (Contributory Pension Scheme) employees who died while on duty. The chief minister said the government employees, teachers who played an inspirational role in achieving Telangana state, are participating with same commitment in the development of own state and with their co-operation, the fruits of welfare and development are reaching the people successfully. "In view of inexhaustible relation the government is having with employees, Telangana government is acting as employee's friendly government. It respects the rights of all employees," he said. KCR recalled that after the formation of Telangana state, his government announced special increment by appreciating role played by employees in the movement. By revising the 10th pay scales in 2014 by announcing the highest hike of 43 per cent, Telangana government showed its admiration it has on employees of state. He said as the Covid-19 pandemic shattered the state economy leading to unexpected fiscal deficit, 11th pay revision was delayed. KCR said while revising the pay scales of government employees, the government kept in view the necessities and situations of other employees who are rendering their services at ground level and increased their pays scales with a humanitarian perspective. "This time also government by revising the pay scales of employees, teachers and pensioners, took a decision to increase the salaries of contract employees, outsourcing employees, Home Guards, Anganwadis, Asha Workers, SERP Employees, Vidya Volunteers, KGBV, Sarva Siksha Abhiyaan employees, VRAs, VAOs, Grant in Aid, Work charged, daily wage and other employees i.e., totalling about 9,17,797 employees who are working as part of Government machinery," he said. Stating that 80 per cent of promotion process of employees is completed, he said the government will immediately start the promotion process of remaining eligible employees along with eligible teachers. Government will shortly start the process of filling of vacancies created by promotions. He also announced that the government has constituted a steering committee with employees associations, government officials as stake holders for evolving the new modalities of Employees Health Scheme (EHS) as per the PRC committee recommendations. He said the government will give permission to the Andhra Pradesh teachers who are working in the Telangana to return to their home state. The government has decided to provide 180 days maternity leave along with wages to the KGBV Women Staff.

Telangana announces 30% salary hike for 9.17 lakh employees under 11th Pay Revision Commission

The Confederation of All India Traders (CAIT) in a letter sent to Union Commerce Minister Piyush Goyal has said <keyword id="1007503" type="PERSON" weightage="20" keywordseo="foreign-entities">foreign entities</keyword> like <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. CAIT in a communication sent to Goyal said that FDI in e-commerce section of Press Note No.2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. "It is nothing less than a daylight robbery where expressive prohibitions of Press Note No.2 are grossly and blatantly are being violated by such foreign entities derived with their ulterior motives to implement their hidden agenda to control and dominate not only the e-commerce business but also the retail trade of India in a very clandestine manner", it said. CAIT said that instead of complying the stipulations of said Press Note both in letter and spirit to respect the law of the land, these foreign entities are deliberately each and every rule of the Press Note No.2 treating India as a banana republic. Under such a grim situation and particularly in the wake of current highly vitiated e-commerce business, a duty is cast upon the Government to protect sanctity of the law, rules and regulations pertaining to FDI in e-commerce and therefore necessity of a new and fresh Press Note replacing Press Note No.2 of the FDI policy is need of the hour. The loopholes of the present policy are being exploited by foreign e-commerce giants like Amazon and Flipkart so that these loopholes are properly plugged and the policy is implemented as per its original intent. CAIT said that such control allows them do predatory pricing, deep discounting, preferential treatment of sellers with capital dumping through their affiliate sellers at its root. All this is done to gain the market share and make illegitimate financial gains at the expense of livelihood of 8.5 crores small merchants, their dependent families and employees. To circumvent the restriction imposed on the <keyword id="2387771" type="POSITION" weightage="20" keywordseo="marketplace-model">marketplace model</keyword> of e-commerce, a common practice resorted to by these giant foreign e-commerce entities has been to create affiliate companies as sellers, in such a way that they have full control on their business by the way of equity and/or economic participation through their parent/group companies without strictly falling within the definition of 'Group Company' in FDI policy. To plug these loopholes CAIT has demanded to include vital points for issuance of a new Press Note on FDI policy in e-commerce. In order to clearly demarcate the boundary between "market place model" and "inventory based model", any type of direct/indirect, equity or economic relationship, between "e-commerce marketplace entity" and "seller on its platform" should be prohibited. For this purpose, any type of relationship between "marketplace entity" and "Seller", whether direct or indirect, equity or economic or otherwise should be strictly prohibited. Such prohibited relationship between Marketplace and Seller may include, but not limited to, Group companies, Affiliates, Related Parties, Associate Companies, Beneficial owners or any other person(s)who can exercise such control. It also suggested that marketplace based model of e-commerce would mean provision of an information technology digital platform by an e commerce entity to act as a facilitator between buyer and seller only. Inventory based model of e-commerce would mean an e-commerce activity where inventory of goods and services is owned by e-commerce entity and is sold to the consumers directly. E-commerce market place entity and its Group Companies will not, directly or indirectly, own or control the inventory i.e. goods or services purported to be sold on the marketplace. Such an ownership or control over their inventory will render the business into inventory-based model. Marketplace entity &amp; its Group Companies shall not, directly or indirectly sell inventory of goods or services purported to be sold on the marketplace to the Sellers. If any goods or services which are sold by the Group Companies of marketplace and are resold in the e-commerce platform, then such activity shall be treated as inventory based model of e-commerce, CAIT said. The seller having ownership or control on its inventory by the Group Companies of e-commerce marketplace entity, is not permitted to sell its goods or services on the marketplace. Inventory of a seller on the marketplace will be deemed to be controlled by e-commerce marketplace entity if such seller purchases its inventory purported to be sold on the marketplace directly or indirectly from its Group Companies. Further, each marketplace entity and its affiliates, group companies, associates shall provide all details, information, documents, statements and returns as required by the Government or any Regulator, at prescribed intervals or from time to time for verification of compliance with the provisions of these guidelines, CAIT said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a>

'Amazon and Flipkart are destroying India's retail sector,' says CAIT, asks government to revise FDI policy in e-commerce

New Delhi, Feb 1 () Imported electric vehicles are set to become costlier as Finance Minister Nirmala Sitharaman on Saturday announced an increase in customs duty on various kinds of such vehicles as the government pushes to promote local production.
 "Under 'Make in India' initiative, well laid-out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India," Sitharaman said while presenting Budget 2020-21.
 Customs duty rates are being revised on electric vehicles (EVs), and parts of mobiles as part of such carefully conceived phased manufacturing plans, she added.
 To push local manufacturing in the EV segment, the government has increased customs duty on imported completely built units (CBUs) of commercial EVs to 40 per cent with effect from April 1, 2020, from 25 per cent currently.
 The finance minister also proposed to enhance customs duty on semi knocked-down (SKD) forms of passenger EVs from 15 per cent to 30 per cent.
 Similarly, the government has proposed to hike customs duty on SKD forms of electric buses, trucks and two-wheelers to 25 per cent from 15 per cent currently, with effect from April 1, 2020.
 Besides, the customs duty on completely knocked-down (CKD) forms of passenger EVs, three-wheelers, two-wheelers, bus and trucks has been proposed to go up to 15 per cent from the current 10 per cent.
 With the government pushing for green mobility, various car makers have launched EVs in the country in the past few years. Besides, Tata Motors, Mahindra &amp; Mahindra, Hyundai Motor and MG Motor India have also introduced electric models.
 Similarly, companies like Mercedes-Benz, Audi and JLR are also gearing up to introduce electric models in the country. With enhanced customs duty on SKD forms, such vehicles are expected to cost more.
 Sitharaman also proposed to increase customs duty on CBUs of traditional commercial vehicles from 30 per cent to 40 per cent.
 The government also proposed to increase customs duty from 5 per cent to 7.5 per cent on parts used to manufacture catalytic converters. MSS RKL HRS

FM proposes to hike customs duty on imported electric vehicles

New Delhi, Nov 23 () Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. 
P&amp;A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC). 
"The homebuyers unequivocally wish that NBCC should take over the JIL (Jaypee Infratech Ltd)....You are hereby instructed to endeavour to negotiate with NBCC so that its revised bid can be voted upon first," the letter said.
The law firm pointed out that the bid of Suraksha Realty, which is also in the race to acquire JIL, could be first put for voting process as per the current result of evaluation of resolutions plans of the two contenders. 
While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for delay compensation and no escalation charges. 
In the preliminary evaluation report, sources said Suraksha Realty has got 27 points and NBCC 20 points out of 100.
NBCC's score is less as the evaluating agency has not factored in its two offers to lenders. These are provision of 50 per cent of sales proceeds of unclaimed flats and 75 per cent of 858 acre land, which could be returned back to the JIL by Jaiprakash Associates, they added.
The evaluating agency pointed out that it was difficult to ascribe value as return of land is contingent and number of unclaimed flats have not been ascertained. 
However, sources said that lenders could get Rs 2,000-2,500 crore from NBCC's these two offers. 
NBCC and Suraksha Realty are expected to submit final bids after negotiations with the financial creditors which include lenders and homebuyers. The final bids could be evaluated again before putting on vote.
Jaypee Infratech's Interim Resolution Professional (IRP) has called a meeting of the CoC for further discussion on the bids.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, the NBCC has offered 1,426-acre land worth Rs 5,000 crore, 75 per cent of 858-acre land to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of benami or unclaimed flats. From the sale proceeds, receivables from earlier buyers and any expenses related to tax/duties/ legal will be deducted.
Sources had said that there are about 3,000 such unclaimed units.
The public sector firm has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.
Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself.
The Mumbai-based developer has proposed to complete flats in the next three years.
On delays compensation, NBCC has proposed Rs 5 per sq ft per month to be payable after grace period of one year from the scheduled delivery date, while Suraksha has offered Rs 10 per sq ft post grace period of 9 months.
Suraksha Realty has proposed that any liabilities towards farmers compensation would be extinguished and not passed on to homebuyers, while NBCC has stated that it should be collected from end user including homebuyers and development authority.
That apart, Suraksha Realty has proposed to set aside Rs 100 crore worth land for the welfare of homebuyers.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MKJ

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