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07 Jun, 2024 News Image Exchange Rate Notification No. 40/2024- Customs (N.T.).

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 36/2024-Customs(N.T.), dated 16th May, 2024 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th June, 2024, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.


 Source:  pib.gov.in
07 Jun, 2024 News Image Eighth round of free trade talks between India and the EU to start on 23 June.
India and the European Union (EU) will resume talks for a free trade agreement (FTA) with the eighth round slated to start on 23 June, two people aware of the matter said.
The two sides will likely take up sticky issues like the carbon tax, services, and India's demand for the EU to relax its rules on the maximum level of pesticide residues allowed in agricultural commodities, one of those mentioned above said requesting anonymity.

 Source:  livemint.com
07 Jun, 2024 News Image SPIEF 2024: BRICS nations to cultivate, bolster trade ties with CIS nations, Asia via thematic event.

The main theme of the St Petersburg International Economic Forum (SPIEF-2024), which runs until 8 June, is 'The basis of multipolarity – formation of new growth centres'. 45 states are represented at a high level. Delegations from all BRICS countries are taking part in the forum, TV BRICS reported.


 Source:  organiser.org
07 Jun, 2024 News Image Telangana to set up agricultural export hub for SHGs.
In a bid to provide the environment and infrastructure for women in agribusiness, the state government has decided to set up an agricultural export hub for Self Help Groups (SHG) under the Telangana Mission for Elimination of Poverty In Municipal Areas (TMEPMA) in collaboration with International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).
 

 Source:  newindianexpress.com
07 Jun, 2024 News Image India attends Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting in Singapore.

Indian delegation led by Secretary, Department of Commerce, Shri Sunil Barthwal participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting held in Singapore on 6 June 2024.


 Source:  pib.gov.in
06 Jun, 2024 News Image No more claims of 100% fruit juice on labels & ads, FSSAI issues directions.

We all love to consume packaged fruit juices, and there are several companies that sell these fruit juices with a claim they contain 100 per cent pure fruit juices, while the sugar percentage is on the higher side. However, this claim has come under the scanner of the food safety regulatory body Food Safety and Standards Association of India (FSSAI) and they have directed the companies not to claim 100 per cent Fruit Juice on canned products.


 Source:  timesofindia.indiatimes.com
06 Jun, 2024 News Image Gherkin exports up at record $256 million in FY24 on robust European demand.
India’s exports of gherkins (pickled cucumbers) for financial year 2023-24 rose 17 per cent to touch a record $256.58 million on strong demand from European buyers such as Germany and Spain. In 2022-23, India’s gherkin exports stood at $218.74 million.
 

 Source:  thehindubusinessline.com
06 Jun, 2024 News Image India extends sugar export curbs beyond October.

The government on Wednesday extended curbs on sugar exports beyond the end of October as it tries to keep local prices in check, meet ethanol production requirements and ensure adequate closing stock at the end of the sugar season.


 Source:  livemint.com
06 Jun, 2024 News Image CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS.

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said it will now electronically disburse duty drawback amounts directly to exporters' bank accounts using the PFMS platform, a move which will increase transparency and will improve efficiency of the process.


 Source:  economictimes.indiatimes.com
06 Jun, 2024 News Image India plans new shipping firm to capture revenue from growing trade.
India plans to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade, as Asia's third-largest economy seeks a bigger chunk of revenue from surging trade, two government officials said.
The South Asian nation is spending billions of dollars to refurbish infrastructure in its race to become a world-class manufacturer with Prime Minister Narendra Modi, who won a third term this week, aiming for it to be a developed nation by 2047.

 Source:  infra.economictimes.indiatimes.com