Department of Revenue Current Affairs

Government imposes anti-dumping duty on ceramicware from China

The Union Finance Ministry (Department of Revenue) has imposed anti-dumping dutyon import of ceramic tableware and kitchenware from China in bid to protect domestic producers. Both items will attract anti-dumping duty of $1.04 per kg, making the imports expensive. The protectionist measure against cheap Chinese import was based recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD), Ministry of Commerce and Industry.

Background

All India Pottery Manufacturers’ Association (AIPMA) and Indian Ceramic Society had approached DGAD for imposition of levy on cheap imports of above items from China. They had alleged that these goods were being dumped into India at cheap prices and consequently causing injury to domestic industry.

Anti-dumping Duty

It is an import duty imposed by government on imported products which have prices less than their normal values or domestic price. Thus, it is protectionist and counter import measure used by country under multilateral World Trade Organisation (WTO) regime to protect its domestic producers and market from below-cost/cheap imports. It varies from product to product and from country to country. In India, anti-dumping duty to be levied is recommended by Union Ministry of Commerce (i.e. by DGAD), while the Union Finance Ministry imposes it. So far, India has initiated maximum anti-dumping cases against “below-cost” imports from China.

Month: Categories: India Current Affairs 2018

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Government makes mandatory for Banks to match original IDs with photocopies

The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above prescribed threshold to weed out  use of forged or fake copies.

In this regard, DoR has issued an official gazette notification making an amendment to Prevention of Money-laundering (Maintenance of Records) Rules.

Background

The Prevention of Money Laundering Act (PMLA), 2002 forms core of legal framework to combat money laundering and generation of black money. The PMLA and its rules impose obligation on reporting entities like banks, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information to Financial Intelligence Unit of India (FIU-IND). Intermediaries like chit fund company, stock broker, cooperative bank, housing finance institution and non-banking finance companies (NBFCs) are also classified as reporting entities.

New Rule

The new rule now requires reporting entity to compare copy of officially valid id produced by client with original and recording same on copy. It also has made mandatory for biometric identification number Aadhaar and other official documents requirement to be obtained by reporting entities from anyone opening bank account as well as for any financial transaction of Rs 50,000 and above. The same is also required for all cash dealing of more than Rs 10 lakh or its equivalent in foreign currency.

If valid document furnished does not contain updated address, utility bill like telephone, electricity, post-paid mobile phone, piped gas or water bill not more than two months old can be considered as a proof of address. Besides, property or municipal tax receipt, pension or family pension payment orders issued to retired employees by Government departments or letter of allotment of accommodation from employer can be also considered for same purpose.

Month: Categories: Banking Current Affairs 2018

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