ANTI-INDUSTRY
Article Abstract:
The Director General of Foreign Trade (DGFT) has fixed base price for steel imports. The World Trade Organisation is likely to quash this base price. The WTO intervention may take long time and in the meanwhile domestic industry may hike prices. Instead of increasing revenue mobilisation, the base price may lead to illegal money flows abroad. Steel importers will persuade their foreign suppliers to supply at the same rate, but show a higher price on the invoice. These overinvoiced imports will lead to illegal transfer of money overseas. (um)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CONFISCATION OF PLANTS FOR EXCISE EVASION MAY GO
Article Abstract:
The government of India is planning to stop the confiscation of plants and machinery for duty evasion as it is seen as archaic and arbitrary. As the government is interested in liberalisation and smooth functioning of the domestic industry, the confiscation goes against this motive. The offender will be penalised on the quantum of duty evaded. The confiscation of plant and machinery and fine imposed were wholly depended on adjudicators. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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