NEW DELHI, June 16: India will impose higher retaliatory tariffs on 28 U.S. products including almonds, apples and walnuts from Sunday, following Washington’s withdrawal of key trade privileges for New Delhi.

The new duties take effect from Sunday, a government notification said, in the latest trade row since U.S. President Donald Trump took office in 2017 vowing to act against countries with which Washington has a large trade deficit.

From June 5, President Trump scrapped trade privileges under the Generalized System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion. India termed that “unfortunate” and vowed to uphold its national interests.

Reuters previously reported India was preparing to levy higher tariffs ahead of Prime Minister Narendra Modi’s first meeting with Trump on the sidelines of a G20 summit in Japan on June 28 and 29.

India initially issued an order in June last year to raise import taxes as high as 120% on a slew of U.S. items, incensed by Washington’s refusal to exempt it from higher steel and aluminum tariffs.

But New Delhi repeatedly delayed raising tariffs as the two nations engaged in trade talks. Trade between them stood at about $142.1 billion in 2018.

India on Saturday amended its previous order “to implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA” while preserving the existing rate for these goods for all other countries, the government notification said. Higher Indian tariffs on U.S. goods could impact growing political and security ties between the two nations.
U.S. Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets.

India is by far the largest buyer of U.S. almonds, paying $543 million for more than half of U.S. almond exports in 2018, U.S. Department of Agriculture data shows. It is the second largest buyer of U.S. apples, taking $156 million worth in 2018.

New Delhi’s new rules in areas such as e-commerce and data localization have already angered the United States and hit companies such as Amazon.com, Walmart Inc, Mastercard and Visa, among others.

Source: Republica

Corporate News

Security audit of BFIs compulsory

Kathmandu, September 10- Nepal Rastra Bank (NRB) has made it mandatory for banks and financial institutions (BFIs) to conduct an audit of their information and technology (IT) system.

Read more ...

Age limit set for CEOs, directors at BFIs

KATHMANDU: Nepal Rastra Bank has set an age bar for board of directors and chief executive officers of banks and financial institutions (BFIS).

Read more ...

Sebon unveils policies and programs for FY 2019/20

KATHMANDU, July 16: The Securities Board of Nepal (Sebon) has unveiled a 72-point Policy and Program for Fiscal Year 2019/20 for the development of the securities and commodities exchange market.

Read more ...

NRB seeks commitment from commercial banks for mergers and acquisitions

Kathmandu, June 27-Nepal Rastra Bank today summoned chairpersons and chief executive officers of all 28 commercial banks in operation to discuss possible mergers and acquisitions in the future.

Read more ...
Symbol % Change Last Price Turnover
SHIVM 9.8990 544.0 20,343,219.0
GURANS 9.6154 456.0 187,070.0
RADHI 9.4488 139.0 168,362.0
API 9.1743 119.0 1,803,340.0
KRBL 8.9109 110.0 9,900.0
Symbol % Change Last Price Turnover
SAEF -11.1111 8.0 123,117.0
EIC -5.5944 270.0 2,445,994.0
AKJCL -5.3571 53.0 11,300.0
CZBIL -5.2133 200.0 7,627,948.0
SINDU -4.7619 120.0 417,186.0
Symbol % Change Last Price Turnover
SBL 6.5574 325.0 34,977,360.0
NBL 2.2581 317.0 30,597,194.0
NLIC 0.3953 762.0 28,414,406.0
SHIVM 9.8990 544.0 20,343,219.0
PRVU 2.7344 263.0 14,890,708.0