plasticproduct

　　SOPA also demanded that the Central Board of Indirect Taxes and Customs (CBITC) impose safeguard measures to protect the domestic industry."We would request you (CBITC) to kindly restrict the imports from Nepal only to those edible oils which are produced there and China Y ring for sale the Rules of Origin should be strictly enforced for all imports at zero duty," SOPA said in the letter.The palmolein imported from Nepal is of Indonesian and Malaysian origin and soybean oil is of South American origin, routed through Nepal by flouting the Rules of Origin for getting the duty exemption for such imports, it said.Further, Nepal has no production of soybean and has a very small capacity for crushing imported soybean. Nepal does not produce any palm oil, it added.At current tariff value of USD 573 per tonne for refined palmolein, SOPA said the amount of customs duty being evaded is Rs 19,968 per tonne.Similarly, the duty on refined soybean oil is Rs 25,195 per tonne.

　　The loss to the exchequer because of this duty evasion would be huge.Also, the imported soybean oil is being sold Rs 5,000 per tonne cheaper when compared with indigenous soybean oil and this puts the industry at a financial loss which it cannot bear, it added.SOPA also mentioned that the import duty on edible oils was increased by the govement to ensure a remunerative price to farmers and encourage them to produce more oilseeds, and consequently reduce the countrys import dependency of edible oils.Bengaluru: The outlook for India’s rupee has deteriorated from just a month ago as the outcome of a more than month-long national election draws near, according to foreign exchange strategists polled by Reuters.While the rupee pared some of 2018’s losses early this year, it has remained under pressure.

　　It lost about 1 per cent against the dollar last month due to a significant surge in fuel prices - India’s largest import - and a strengthening US currency.The Reserve Bank of India (RBI) has also cut the main repo rate twice in the run-up to the election, putting it at 6.0 per cent, 50 basis points lower than where it was at the start of the year.India’s multi-stage national election started on April 11 and will end on May 19. The result, due on May 23, will decide who goves the world’s biggest democracy for the next five years.Indian Prime Minister Narendra Modi’s ruling alliance - which got the biggest mandate in three decades in the previous election - is widely expected to win again, but with a thinner majority, according to an average of four opinion polls recently by different agencies.

　　The Indo-Iranian strategic cooperation on Chabahar port was also discussed, with govement sources saying "both sides expressed satisfaction at the operationalisation of the interim contract on Chabahar Port". New Delhi has been worried over the impact that American policy against Iran will have on the Indo-Iranian strategic partnership for the development of Chabahar port in Iran that gives New Delhi crucial sea-land connectivity to Afghanistan and Central Asia, bypassing Pakistan.It may be recalled that the United States had earlier given six-month waivers to eight countries including India, China, Japan and South Korea for exemption from the November 4 O ring Factory deadline last year of stopping Iranian oil imports completely. India relies heavily on foreign oil imports to meet its energy demands. The US had then set that deadline for countries across the globe to either fall in line or face US sanctions. But the US recently decided not to extend the waivers beyond the six-month period, which ended on May 2, which means any nation now importing Iranian oil will face US sanctions.On the Iranian nuclear deal issue, Ms Swaraj told her Iranian counterpart that "India would like all parties to the agreement to continue to fulfil their commitments and all parties should engage constructively and resolve all issues peacefully and through dialogue", govement sources added.

　　The Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), which was inked in 2015 that had then paved the way for lifting of US sanctions on Iran. The United States— under then President Barack Obama — had pushed for the deal strongly four years ago. But with President Donald Trump announcing the US pullout last year, the US has again tued on the heat on Iran.On Tuesday, a govement source said: "The visit of the Iranian foreign minister took place at his own initiative to brief the Indian side on the Iranian approach to the recent developments in the region, including on JCPOA (Iran nuclear deal), and to review bilateral cooperation. This was part of their consultation with other countries in the region including Russia, China, Turkmenistan, and Iraq over the last few days... On the purchase of oil from Iran, EAM reiterated the position that a decision will be taken after the elections, keeping in mind our commercial considerations, energy security and economic interests."

　　New Delhi: Not everything seems to be good on the Weste front!India will be looking with serious conce as the relationship between the United States and Iran is in a dire state and with each passing day it seems to be getting worse. Things are tricky for India, with Iran’s Foreign Minister Mohammad Javad Zarif flying to India on Monday for a scheduled meeting with India’s Exteal Affairs Minister Sushma Swaraj. Zarif is hoping India would rally behind Iran and throw its weight in what characteristically looks like a no holds barred conflict with the US.The United States have deployed an aircraft carrier and B-52 bombers to send a clear message to Iran and the mullahs that it means business. Iran, refusing to back down to the US pressure, has ratcheted up tensions.Zarif is making the trip after a few weeks earlier Donald Trump decided to coer Iran, declaring that US will no longer grant sanctions exemptions to Iran’s oil customer. The end to the waivers, means India no longer will be able to import oil from Iran, or else its state owned or private firms will face groundbreaking US sanctions.