Ministry of Commerce & Industry  

Paper Import Monitoring System (PIMS) to come into effect from 1st October, 2022; Online registration facility to be available from 15th July 2022 (JUL 12, 2022)

The Directorate General of Foreign Trade (DGFT), has introduced Paper Import Monitoring System (PIMS) by amending the import policy of major paper products from ‘Free’ to ‘Free subject to compulsory registration under PIMS’. PIMS shall come into effect from 1st October, 2022. However, the online facility of registration will be available from 15th July 2022.

The PIMS shall be applicable on import by a Domestic Territory Area unit on a wide range of paper products covering 201 tariff lines, such as newsprint, handmade paper, coated paper, uncoated paper, Litho and offset paper, tissue paper, toilet paper, cartons, labels, etc. However, paper products like currency paper, bank bond and Cheque paper, security printing paper, etc. have been excluded from mandatory registration.

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DELHI HC 

High Court Asks Centre To File 'Exhaustive' Reply On Plea To Declare PM CARES Fund A 'State' (JUL 12, 2022)

The Delhi High Court on Tuesday took exception to the Centre filing a one-page reply on "such an important issue" of PM CARES Fund on which a petition has been filed to declare it as a 'State' under the Constitution to ensure transparency in its functioning.

Petitioner Samyak Gangwal, represented through senior advocate Shyam Divan, in the petition filed in 2021 has sought to declare PM CARES Fund a 'State' under Article 12 of the Constitution and to direct the fund to disclose its audit reports on the PM CARES website periodically.

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BUSINESS NEWS

RBI imposes Rs 1.68 crore penalty on Ola Financial Services (JUL 12, 2022)

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.68 crore on Ola Financial Services Pvt. Ltd. for non-compliance with the banking regulator’s certain provisions and Know Your Customer (KYC) guidelines.

The banking regulator also revealed that the penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.

For Details, Click Here

NEWS AT GLANCE 

  • ED issues fresh summons to Congress President Sonia Gandhi for questioning on July 21 in National Herald money laundering case.  
  • India projected to surpass China as world's most populous country next year.  
  • Sri Lankan Parliament to reconvene on July 15; New President to be elected on July 20.
  • First I2U2 India-Israel-UAE-USA Leaders’ Virtual Summit to be held on Thursday; Prime Minister to participate.  
  • World's largest COVID-19 vaccination coverage undertaken by Government of India to reach the milestone of 200 crore doses soon.  
  • In the UK, ruling Conservative party says process to replace outgoing Prime Minister Boris Johnson is set to conclude on September the 5th.

WORD OF THE DAY

peace bond is a bond required as part of a court order to guarantee that a person will stay away from another person he/she has threatened or bothered. The bond will be forfeit (given up) if the order is violated, but that is no consolation to a person injured, molested or murdered by the violator.

MARKET TODAY (as on 12.07.2022)

BSE SENSEX                  53,886.61 ▼ 508.62 (0.94%)   

NIFTY 50                        16,058.30 ▼ 157.70 (0.97%)

1 US Dollar = 79.50 Indian Rupee (Last updated · 12 July at 2:11 pm UTC)

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