Chief Correspondent, Commodities, India
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Mar 18, 2015

Smuggled gold seizures jump as duty stays high

NEW DELHI (Reuters) – Seizures of gold smuggled into India have surged, data showed on Wednesday, as the government tries to crack down on a thriving illegal trade made profitable by high import duty and other restrictions.

Trade Minister Nirmala Sitharaman told lawmakers on Wednesday the number of gold seizures in first 10 months of the 2014/15 fiscal year to the end of January had jumped to 3,412 from 2,450 for the whole of the previous year.

Mar 18, 2015

India’s smuggled gold seizures jump as duty stays high

NEW DELHI, March 18 (Reuters) – Seizures of gold smuggled
into India have surged, data showed on Wednesday, as the
government tries to crack down on a thriving illegal trade made
profitable by high import duty and other restrictions.

India’s Trade Minister Nirmala Sitharaman told lawmakers on
Wednesday the number of gold seizures in first 10 months of the
2014/15 fiscal year to the end of January had jumped to 3,412
from 2,450 for the whole of the previous year.

Mar 17, 2015

Investors fret as India defends reopening coal mine bids

NEW DELHI (Reuters) – The coal ministry said it will decide this week the fate of nine winning mine bids it is re-examining to rule out any price discrepancies, despite criticism that its move to reopen some of the tenders will hurt business sentiment.

The government, which last month started auctioning off coal mine sites after the Supreme Court said a previous method of awarding concessions was illegal, is re-examining “outlier” bids for the 33 mines auctioned so far, Coal Secretary Anil Swarup said.

Mar 16, 2015

Jewellers threaten strike over ‘black money’ tax plan

NEW DELHI (Reuters) – Indian jewellers threatened on Monday to go on strike over a government plan that would require customers to quote their tax code for major purchases as part of a clampdown on the black economy.

Jewellers say about 80 percent of the $122 billion industry’s business comes from rural customers, mainly in the agriculture sector, who lack a so-called permanent account number (PAN), which is used to prevent tax evasion.

Mar 16, 2015

Indian jewellers threaten strike over ‘black money’ tax plan

NEW DELHI, March 16 (Reuters) – Indian jewellers threatened
on Monday to go on strike over a government plan that would
require customers to quote their tax code for major purchases as
part of a clampdown on the black economy.

Jewellers say about 80 percent of the $122 billion
industry’s business comes from rural customers, mainly in the
agriculture sector, who lack a so-called permanent account
number (PAN), which is used to prevent tax evasion.

Mar 12, 2015

India aims for big coal output boost next fiscal year

NEW DELHI, March 12 (Reuters) – India is aiming to produce
700 million tonnes of coal in the next fiscal year, the
country’s coal secretary said, in what would be its biggest
annual growth in output as it auctions off mines and state giant
Coal India boosts production.

The country’s coal output has been growing far slower than
demand over the past few years because of Coal India’s
inability to expand its mines. Delays in getting environmental
approvals, a lack of transport facilities and the company’s
inherent efficiencies are some of the reasons for the shortfall.

Mar 11, 2015

India plans anti-dumping duty on some steel from China, others

NEW DELHI, March 11 (Reuters) – India’s trade ministry has
recommended anti-dumping duties ranging from $180 to $306 per
tonne for some industrial-grade stainless steel imported from
China, Malaysia and South Korea in a bid to protect local
industry.

After a year-long investigation based on complaints from
Jindal Stainless Ltd, the trade ministry said it found
that the domestic industry was suffering “material injury due to
such dumped imports” and that a definitive measure was required
to stop it. (bit.ly/18AnkfU)

Mar 11, 2015

Court summons ex-PM Manmohan Singh in coal corruption case

NEW DELHI (Reuters) – A court summoned former Prime Minister Manmohan Singh on Wednesday over accusations of criminal conspiracy and corruption over the award of a coal field during his term, in a blow for the Gandhi dynasty that ruled India until last year.

A special court under the Central Bureau of Investigation summoned the former prime minister along with billionaire Kumar Mangalam Birla and another official to appear on April 8, a source at the agency said.

Mar 11, 2015

Court summons India’s ex-PM Singh in coal corruption case

NEW DELHI (Reuters) – An Indian court summoned former Prime Minister Manmohan Singh on Wednesday over accusations of criminal conspiracy and corruption over the award of a coal field during his term, in a blow for the Gandhi dynasty that ruled India until last year.

A special court under the Central Bureau of Investigation summoned the former prime minister along with billionaire Kumar Mangalam Birla and another official to appear on April 8, a source at the agency said.

Mar 4, 2015

India coal imports in Feb jump from year ago, but drop m/m

NEW DELHI (Reuters) – India’s imports of thermal and coking coal jumped 31 percent in February from a year ago, as new power plants ramped up output, preliminary data from online trader mjunction showed, though purchases sank month-on-month on rising prices.

Shipments through the 31 coal-handling ports in India, which is about to unseat Japan as the world’s second biggest coal importer after China, stood at 17.94 million tonnes in February compared with 13.72 million tonnes a year ago.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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