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The Union Cabinet on Tuesday gave ex-post facto approval for the Government amendments to the Finance Bill, 2021. The bill has already been enacted as Finance Act 2021.

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Shortage of containers has now eased in the country, said Pawan Agarwal, Special Secretary in the Logistics Division, Ministry of Commerce and Industry, during a press meet on Tuesday.

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Maersk has told customers the strong cargo demand out of Asia Pacific would likely continue throughout the second quarter. Equipment shortages in Asia will get worse over the next two weeks, say carriers, impacting both deepsea and intra-Asia trades.

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According to a carrier source, container hub ports that used the week-long lull from ship arrival delays to prepare their landside facilities for the box onslaught are now "full to the brim." The knock-on effects of the blockage of the Suez Canal are likely to impact North Europe supply chains until June.

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On Tuesday, the Union Cabinet gave its ex post facto approval to a Memorandum of Understanding (MoU) between India''s Director General of Trade Remedies and the Bangladesh Trade and Tariff Commission to increase cooperation in the area of trade remedies, an official statement said.

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According to new data from the Transport Asset Protection Association (TAPA), almost €500,000 goods were stolen from EMEA [Europe, Middle East, and Africa] supply chains in 2019 and 2020. And TAPA warned that these figures were likely to be just the tip of the supply chain crime iceberg.

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The container shortages that have been adding to logistics logjams in Asia and beyond are showing few signs of being resolved, according to the latest data from Container xChange, the world’s leading online platform for the leasing and trading of shipping containers.

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Industry body Broadband India Forum (BIF) has requested the telecom department and the finance ministry seeking reversal of hike in import duties on components and PCBAs effected in recent Budget, saying the move will drive up the cost of making telecom products and may offset benefits of PLI scheme.

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Para C.24 of the RBI Master Direction no.16/2015-16 dated January 1, 2016 (as amended), deals with write-off in payment claims by ECGC and private insurance companies regulated by the Insurance Regulatory and Development Authority of India. It clearly says that surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy (FTP). So, your bankers must proceed per Para 2.85 of HBP and not demand the surrender of incentives.

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