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Indian rice millers and exporters are optimistic about Bangladesh's plan to import 900,000 tonnes of rice, which is expected to drive demand and enhance prices for the staple. India, which supplies 46% of global rice exports, is poised to benefit significantly due to its proximity and competitive pricing. The Bangladeshi government will procure 400,000 tonnes through international tenders, while private traders will import the remaining 500,000 tonnes. This decision comes earlier than usual, prompted by concerns over potential crop losses from heavy rains affecting the Amon paddy season. Stakeholders anticipate that 30-40% of private imports will come from West Bengal mills, with popular varieties like 'Swarna' and 'Miniket' expected to see price increases. Bangladesh's early import strategy reflects precautionary measures against possible floods, while its food assistance program aims to support 5.5 million families with subsidized rice. 
Published: Jul 20 2025, 9 pmeznews.inThe Directorate General of Shipping (DGS) has implemented a ban on Indian seafarers holding certificates of competency (CoC) issued by Central American nations, including Honduras and Belize, following revelations of fraudulent practices in their issuance. This regulatory action aims to combat recruitment malpractices and protect seafarers from being deceived or abandoned at sea. Investigations uncovered that unapproved entities were issuing CoCs, allowing junior seamen to fraudulently obtain higher-ranking certifications. The move has sparked concern among seafarer unions, which argue it jeopardizes the livelihoods of thousands. They have called for a grace period to allow affected seafarers to regularize their certifications. In response, a DGS official dismissed fears of job losses, asserting that seafarers can continue working with valid Indian certificates. The DGS is also taking steps to address the issue of fake certifications and has filed police complaints against fraudulent practices.
Published: Jul 20 2025, 7 pmeznews.inThe Securities and Exchange Board of India (SEBI) is contemplating further relaxations to its technical glitch reporting framework for brokers, following ongoing pushback from the broking industry and discussions with stock exchanges. Key issues from earlier relaxations in March remain unresolved, prompting brokers to request changes to the definition of a technical glitch, currently set at five minutes. They argue this timeframe is too short and are advocating for an extension to at least 15 minutes. Additionally, brokers seek to exclude customer service complaints from the definition of material complaints that require reporting. They are also pushing for a materiality threshold, suggesting that only glitches affecting at least 10% of orders or clients should be reported. While SEBI has made some concessions in the past, including the exclusion of non-core tool disruptions from reporting requirements, the regulator remains cautious about compromising risk management and system integrity.
Published: Jul 20 2025, 6 pmeznews.inIndia is intensifying its efforts to diversify export markets in Latin America, particularly targeting Peru and Chile, as it seeks to reduce dependence on traditional partners like the US, EU, and China. However, the negotiations for free trade agreements (FTAs) with these nations are complicated by concerns over Chinese goods potentially being rerouted into India through these trade pacts. Indian officials are preparing for upcoming FTA talks, emphasizing the need for stringent rules of origin to prevent such practices. With India’s exports to Latin America currently at just 3.5% of total exports, the stakes are high. Both Peru and Chile are eager to finalize the agreements, but India must ensure that the demands from these countries genuinely reflect local production and do not mask Chinese interests. The challenge is further underscored by China's significant presence in the region, having established FTAs with both nations that facilitate low-duty access for its goods.
Published: Jul 20 2025, 6 pmeznews.inIn a swift policy reversal, India's Revenue Department rescinded a newly announced import duty exemption for polo horses just a day after its introduction. On July 18, 2025, the government amended a 1994 notification to allow duty-free imports for specific polo teams and individual players meeting certain criteria, aiming to support the sport's growth. However, the following day, the exemption was revoked, reinstating a 30% import duty, likely due to concerns over public perception and potential political backlash during the upcoming parliamentary session. The decision comes amid a notable increase in horse imports, with 47 horses valued at over ₹5 crore brought into the country in FY 2024-25, a significant rise from 22 horses worth ₹2.56 crore the previous year. The majority of these imports originated from renowned horse-breeding nations such as Argentina, France, and the UK.
Published: Jul 20 2025, 5 pmeznews.inThe Indian government is set to present the new Income Tax Bill, 2025, during the Monsoon Session, with the Select Committee's report scheduled for submission in Parliament on Monday. Chaired by BJP MP Baijayant Panda, the Committee has proposed 285 recommendations aimed at simplifying the tax framework, reducing litigation, and modernising tax administration. The new bill, significantly shorter than the 1961 Act, features 536 sections and 23 chapters, down from 819 and 47, respectively. Key changes include replacing the term "previous year" with "tax year" and eliminating the assessment year concept. Additionally, the bill seeks to clarify the definition of Non-Performing Assets (NPAs) and redefine the powers of tax authorities. The government aims for this comprehensive legislation to reflect contemporary economic realities and streamline compliance, ultimately replacing the outdated Income Tax Act of 1961.
Published: Jul 20 2025, 4 pmeznews.inThe India-UK Free Trade Agreement (FTA), finalized on May 6 after three years of negotiations, is set to boost bilateral trade by €25.5 billion annually, with tariff reductions on 90% of traded goods. Anna Shotbolt, Deputy Trade Commissioner for South Asia, emphasized that the FTA will not only lower tariffs but also enhance copyright protections for creative industries and benefit the services sector. The agreement includes a Double Taxation Avoidance Convention, promoting transparency for workers in both nations. Ranjeet Mehta of PHDCCI highlighted the importance of the social security clause for Indian professionals in the UK, while plans for a business delegation to the UK this September were announced. Experts noted the vast potential for collaboration, particularly in sectors like retail and toys, where India can leverage its competitive advantages. The FTA is seen as a pivotal step towards deeper economic ties and mutual investment opportunities between the two countries.
Published: Jul 20 2025, 2 pmeznews.inThe India Meteorological Department (IMD) has issued an 'orange alert' for nine districts in Kerala due to heavy rainfall that has led to rising water levels in rivers and dams, as well as waterlogging in low-lying areas. The affected districts include Ernakulam, Idukki, Thrissur, Palakkad, Malappuram, Kozhikode, Wayanad, Kannur, and Kasaragod, while a 'yellow alert' has been issued for the remaining five districts. An 'orange alert' signifies expected rainfall between 11 cm and 20 cm, whereas a 'yellow alert' indicates rainfall between 6 cm and 11 cm. In Palakkad, the district administration has opened the shutters of several dams, including Malampuzha and Mangalam, to manage excess water. Additionally, the Irrigation Design and Research Board has issued 'danger alerts' for the Manimala and Mogral rivers, urging residents along their banks to remain vigilant and prepared for potential evacuations.
Published: Jul 20 2025, 2 pmeznews.inAshok Leyland is poised to adapt to significant shifts in global trade and supply chains, as Chairman Dheeraj G. Hinduja outlined in the company's Annual Report for 2024-25. He emphasized the transformative nature of the commercial vehicle and mobility sectors, highlighting the acceleration of electrification and the emergence of alternative propulsion technologies like LNG and hydrogen. Digitalisation is also reshaping fleet management and customer experiences. To navigate these trends, Ashok Leyland will adopt a proactive strategy, focusing on research and development to enhance its electric and alternative fuel vehicle offerings. The company plans to forge strategic partnerships with technology firms to integrate advanced telematics and analytics into its products. Hinduja noted promising growth in international markets, particularly in the Middle East, Africa, and ASEAN regions, and aims to deepen local engagement while promoting sustainable mobility solutions. The ultimate goal is to secure a position among the world's top ten commercial vehicle manufacturers.
Published: Jul 20 2025, 1 pmeznews.inIndia's automobile exports surged by 22% year-on-year in the April-June quarter, reaching a record total of 1,457,461 units, driven primarily by a historic high in passenger vehicle shipments. The Society of Indian Automobile Manufacturers (SIAM) reported that passenger vehicle exports hit 204,330 units, a 13% increase from 180,483 units in the same period last year. This growth was bolstered by strong demand in markets such as the Middle East, Latin America, and neighboring countries like Sri Lanka and Nepal. Maruti Suzuki led the passenger vehicle segment with exports of 96,181 units, marking a remarkable 37% rise compared to the previous year, while Hyundai Motor India also saw a 13% increase with 48,140 units exported. Additionally, two-wheeler exports rose by 23% to 1,136,942 units, and commercial vehicle shipments increased by 23% to 19,427 units, reflecting a robust recovery across the sector.
Published: Jul 20 2025, 11 am
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