The commerce ministry needs to properly monitor the scheme to promote exports, EPCG, as it not only allows duty-free imports of capital goods but also grants a long gestation period for meeting the export obligation, according to a CAG audit report.
The scheme allows import of capital goods for pre-production, production, and post-production at nil customs duty but subject to meeting export obligations.
The report also said the import of capital goods from ports other than the registered port without adhering to the prescribed procedure involves the risk of importing the goods from multiple ports using the same authorisation that have revenue implications and has the risk of misuse of the bonds.
The customs and regional authorities should monitor such cases scrupulously and invoke penal action for non-compliance, CAG said in a statement.
It has presented the performance audit report on the scheme in Parliament.
"The scheme not only allows duty-free imports of capital goods but als

Exports, Export

Bangalore (Karnataka) [India], December 17: The gaming industry has grown into a global powerhouse, creating lucrative opportunities for creative and technical minds alike. To meet this growing demand, JAIN (Deemed-to-be University) offers an exceptional M.A. in Interactive Game Art, Design, and Development through its School of Design, Media, and Creative Arts (SDMCA). Recognized among the  best game art colleges in Bangalore, this program is designed for passionate individuals ready to make a mark in the interactive game art world.

Level Up Your Career with JAIN (Deemed-to-be University)\'s M.A. in Interactive Game Art, Design, and Development

Mumbai (Maharashtra) [India], December 17: The process of obtaining a business loan can be complex, with financial institutions carefully evaluating various factors to assess risk. One of the key elements that significantly impacts a borrower's chances of securing a loan is collateral.

Understanding Collateral Requirements for Business Loans

Bengaluru (Karnataka) [India], December 17: Pai Machines, a newly established brand of Infra Bazaar Tech Pvt Ltd (IBTPL) that deals in advanced machinery manufacturing, has completed the asset purchase of the machinery works manufacturing facilities of L &amp; T Construction Equipment Limited division (LTCEL). As part of the transaction, a 70-member manufacturing team, including a 40-member product development/R &amp; D team, have transitioned to Pai Machines. This transition was set in motion in June 2024 and since then Pai Machines has worked to integrate the manufacturing facilities and the team with its long-term strategy. This marks a significant expansion of Pai Machines into India's construction equipment segment.

Abhijeet Pai\'s Pai Machines completes the Asset Purchase of the manufacturing facilities of L &amp; T Construction Equipment Limited\'s Machinery Works

Mumbai (Maharashtra) [India], December 17: DJRS Hospitality, a family-owned premium hospitality company with over 30 years of combined experience in the industry, redefines the culinary landscape with true Nikkei cuisine with their latest venture Amaru.

DJRS Hospitality Unveils a Captivating Experience with its Latest Restaurant Venture, Amaru

Markets Today LIVE: Markets in India are likely to tread cautiously as investors await key policy rate decision from the US Federal Reserve later this week

Bear market, Stock market

Government pushes forward controversial 'One Nation, One Election' Bills amid objections from the Opposition

Parliament, Budget session, Lok Sabha

Two years earlier, Andhra Pradesh's energy regulator had said in a 10-year forecast the state had no short-term need for solar power

Adani

In our earlier piece in these pages, we highlighted the unwelcome consequences of the exchange rate policy adopted under the outgoing Reserve Bank of India (RBI) regime

chart

Parliament Winter Session updates: Following its introduction in the Lok Sabha, the "One Nation One Election" Bill is expected to be referred to a Joint Parliamentary Committee

Amit Shah, Home Minister

Union Home Minister Amit Shah on Saturday said the Modi government is firm that there will be no tinkering with the current reservation system in the country as he charged the Congress with weakening the quota for SCs, STs and OBCs by giving it to Muslims.
Participating in the "Agenda Aaj Tak 2024", he also said the country will be free of the problem of Naxal violence by March 31, 2026.
Shah also said the government is talking to both Meitei and Kuki communities in Manipur and expects to find a solution to the current situation.
"Our government is firm that there will be no tinkering with the current reservation system in the country. It was the Congress which weakened the quota for SCs, STs and OBCs by giving it to Muslims," he said.
The home minister further said, "By March 31, 2026, India will be free from the Naxal problem. I strongly believe that. Security forces are working in that direction".
The home minister said barring a few districts, Naxal violence has come to an end

Andhra Pradesh Chief Minister N Chandrababu Naidu on Saturday said here that all elections in the country happening at the same time through 'One Nation One Election' concept will provide more time for development.
In the event of elections occurring every three months in the country, the rulers "will have to work only for polls", he stated.
CM said this in view of Union Cabinet's approval of bills drafted to implement 'One Nation One Election' plan.
"There will be more time for development if all the elections in the country happen at once under One Nation One Election concept," a press release quoted Naidu as saying.
He made these remarks when he visited Sri Busameta Venkateswara Swamy temple located at Dokiparru village in Krishna district's Gudlavalleru mandal. He also noted that by 2047 India will be a top country in the world and Andhra Pradesh a top state in the country.
Further, the CM appealed to industrialist PV Krishna Reddy, who welcomed him to the temple fair, to upli

Chandrababu Naidu, Andhra CM

The head of the Syrian insurgent group that led the overthrow of Bashar Assad's government says they are not about to enter a conflict with Israel. But Ahmad al-Sharaa in his first public comments on Israel in the week since Assad's fall said "the pretexts that Israel uses have ended" for its airstrikes inside Syria in recent days.
Al-Sharaa said the Israelis have crossed the rules of engagement in his interview with Syrian TV on Saturday. About 400 Israeli airstrikes in the past days have destroyed much of the Syrian army's assets.
Al-Sharaa leads Hayat Tahrir al-Sham, or HTS. The excerpts released from his interview did not address contact with the United States, which on Saturday said had been in direct communication with HTS, which it designated a foreign terrorist organisation years ago.
The HTS leader did say the new authorities in Damascus are in contact with Western embassies, and that authorities have a plan to start reconstruction and development in Syria. He did not give

Syria, Syrians celebrate new govt, Syria flag

IND vs AUS HIGHLIGHTS: Bumrah's fifer helped tone down the Aussies as they end the day with more than 400 runs on the board.

Steve Smith

Led by Pawan Sehrawat, Telugu Titans roared back from nine points down at one stage to brush aside the challenge from Gujarat Giants and win 36-32 in their Pro Kabaddi League match here on Saturday.
With the win, Telugu Titans moved one step closer to achieving qualification for the PKL play-offs.
For Telugu Titans, Sehrawat scored 12 points, while Vijay Malik and Ashish Narwal got 8 and 6 respectively.
Meanwhile, Rakesh finished with 12 points and Guman Singh pocketed nine for Gujarat Giants.
Gujarat Giants started off brilliantly as they picked up an early lead but more importantly accounted for Sehrawat and Malik off the first two plays of the game.
Telugu Titans were under pressure for a while, but the ace raiders were back on the mat soon, as Gujarat Giants conceded the advantage within the first five minutes.
Ashish Narwal led the charge for Telugu Titans, who continued to keep the pressure on their opponents.
Gujarat Giants' defence was doing well to keep Sehrawat quiet, 

Pawan Sehrawat

Infosys co-founder Narayana Murthy advocates for a 70-hour workweek, urging youth to work hard for India's progress; underlines the importance of job creation as a solution to poverty

NR Narayana Murthy, Narayana

While Jaiswal flicks the ball on the pads straight to square leg fielder Mitchell Marsh, Gill tried to play an extravagant drive and managed an outside edge to flying Marsh at gully region.

Virat Kohli

The shift will comprise women employees for all the mining activities of the shift, including heavy earth-moving machinery

Tata Steel, Tata

With Siraj expected to unleash some more theatrics in the second session, lets take a look how Siraj's ploy helped Nitish Reddy getting the wicket of Marnus Labuschagne.

Siraj vs Labuschagne controversy on Day 2 of India vs Australia 3rd Test

You have come at a time when the growth-inflation dynamics is changing and the rupee is under pressure

Mohammad Faisal

Mohammad Faisal

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Govt needs to properly monitor export promotion scheme EPCG: CAG report

Level Up Your Career with JAIN (Deemed-to-be University)'s M.A. in Interactive Game Art, Design, and Development

Understanding Collateral Requirements for Business Loans

Abhijeet Pai's Pai Machines completes the Asset Purchase of the manufacturing facilities of L & T Construction Equipment Limited's Machinery Works

DJRS Hospitality Unveils a Captivating Experience with its Latest Restaurant Venture, Amaru

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