India has asked the US to return shrimp exporters’ money locked up in Customs Bonds. The US had imposed anti-dumping duty of 10.17% on Indian shrimps in 2005 and also asked local importers to provide enhanced Customs Bonds worth the duty for past 12-month imports. When the US shrimp importers refused to furnish these Bonds, India’s exporters had to shoulder the cost to keep shipments going. Following a successful complaint by...

NDTV, through its foreign subsidiaries, is suspected to be indulging in gross violations of Indian tax and corporate laws. NDTV Network Plc, UK was set up in November 2006. Its balance sheets were not filed in India. This company has raised and invested huge sums of money in its subsidiaries, NDTV Imagine (now sold), NDTV Lifestyle, NDTV Labs, NDTV Convergence and NGEN Media Services. The main activity of the company...

The government is planning a complete overhaul of the way the power sector is financed and subsidies are delivered, attempting to address a funding shortfall delaying the construction of electricity projects and worsening a chronic power deficit that threatens to sap growth in India’s energy-hungry economy.This exercise is based on a report submitted by a panel headed by Montek Singh Ahluwalia, deputy chairman of the Planning Commission, to the power...

A team of officials, led by Assistant Commissioner Prabhuling Kavalikatti, raided a black stone quarry in Vitla in Bantwal taluk and rescued 39 Bonded labourers, including some children, on Wednesday. While some of them are from Krishnagiri district in Tamil Nadu, others belong to Kanakapura near Bangalore. They were given meagre wages and were not allowed to leave the quarry for six years, according to Mr. Kavalikatti. He described it as...

In India, commercial banks, both public and private, are required to direct a large chunk of their net credit to designated “priority sectors” seen as having a positive impact on India’s economy, and wider society – to ensure funds flow into areas the government deems important, but might otherwise be neglected. These sectors – designated by the Reserve Bank of India – currently include broad areas of agriculture, small scale industries,...