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Deadline of Customs IGST refund extended till June 16

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The special IGST refund fortnight being observed by the Customs Commissionerate, Ludhiana under orders of orders of Central Board of Indirect Taxes and Customs (CBIC) is turning out to be a huge success.

A large number of businessmen inclusive of leading export houses are making use of this opportunity to get their pending IGST refunds processed without a hassle and so far refunds worth Rs 143.87 crores have been processed by  the department in the fortnight which started on May 31 and will end on June 16 after CBIC on Tuesday evening extended the drive by two days. With just four days remaining in the special initiative, the department has once again requested the businessmen who have still not made use of the facility to come forward and get their refunds processed by getting their shipping bills rectified.

“After a huge success of the first refund fortnight from March 12 to March 31 second “Special drive refund fortnight” has been started from May 31st to 16th June 2018 at Customs Commissionerate, Ludhiana in order to liquidate the pendency of IGST refund claims. The CBIC has decided to further intensify the effort to liquidate all pending IGST refund claim by June 16th during the special drive at concerned ports, inland container depots and Container Freight stations”, said Arvinder Singh Ranga, Commissioner of Customs.

Ranga also added, “Ever since the refund fortnight started total 180 Exporters and their representatives have attended the customs office till June 11th for rectification of IGST refund errors and most of the errors have been rectified enabling our office to scroll out IGST refund of Rs. 143.87 Crore since May 31st. During this period a total 1617 shipping bills in been rectified to date”.

Asking businessmen to make use of the four days of this special fortnight, Ranga said,” This time under the special drive refund fortnight we are facilitating all types of refund claims. The officers and staff are striving hard to clear all GST refund applications received on or before April 30th, 2018. All exporters, are requested to come forward and avail of the opportunity to get the refunds sanctioned during this drive till June 16th by contacting the nodal officer who in this case is the concerned jurisdictional Deputy/Assistant Commissioner of Customs”

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Sensex rises over 250 pts, Nifty reclaims 11,400 mark

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Mumbai | The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in metal, realty and banking stocks after the US and China agreed to resume trade talks last night.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 percent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty reclaimed the 11,400 mark, by rising 62.15 points, or 0.55 percent, to 11,447.20.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 percent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 percent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump’s demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan’s Nikkei rose 0.44 percent and Hong Kong’s Hang Seng was up 0.46 percent, while Shanghai Composite Index was down 0.39 percent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 percent higher yesterday.

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Rupee plummets to historic low of 70.09 on Turkish lira collapse

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Mumbai  |  Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

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Rupee recovers from life low, up 23 paise

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Mumbai | The rupee recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade at the interbank foreign exchange market today on some macroeconomic boost.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 percent, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

In a ray of hope for domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 percent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI had raised the key repo rate by 0.25 percent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5. Stock markets opening with gains also boosted the domestic currency, dealers said. However, the dollar’s strength against some currencies overseas capped the gains of the domestic unit.

Meanwhile, the benchmark BSE Sensex recovered 184.93 points, or 0.49 percent, to 37,829.83 points in early trade today.

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