Presents Powered By
9th EDITION
In Association with
th
See Pg. 5
Vol. LXII No. 35 st MONDAY 21 FEBRUARY 2022
9 EDITION
See Pg. 4 & 6
PSA Mumbai commissions 1mw Solar Farm
NAVI MUMBAI: Continuing its drive towards sustainability and increasing use of renewable energy sources, PSA Mumbai inaugurated a 1-megawatt (MW) Solar Farm on 18 February 2022. The 1.3-hectare facility, featuring rooftop solar panels, is projected to generate 13% of PSA Mumbai’s annual power requirements and reduce CO2 emissions by over 1,200 tonnes per year. Cont’d. Back Pg.
FFFAI discusses Budget impacts on Customs & Logistics Business M U M B A I : Wi t h a n o b j e c t i v e o f understand the implications of various changes and amendments in the existing Customs Notifications and Tariff/Duty structure announced by the Union Finance Minister while presenting ... Cont’d. Pg. 29
NEW CUSTOM EXCHANGE RATES w.e.f. 18-02-2022
..See Pg. 28
..See Pg. 7
21st FEBRUARY 2022 15
Sarbananda Sonowal ags-off ‘Most Awaited’ Water Taxi Service in Mumbai • 131 projects worth Rs. 1.05 lakh crore iden fied under Sagarmala in Maharashtra State and out of which 33 projects are completed • 46 projects worth Rs.2078 crore being financially supported under Sagarmala and out of which 13 projects are completed
MUMBAI: The Union Minister of Ports, Shipping and Waterways & AYUSH Shri Sarbananda Sonowal virtually flagged off the ‘Most Awaited’ Water Taxi for citizens of Mumbai, from Belapur Jetty. Chief Minister of Maharashtra, Shri Udhav Thackeray presided over the on-ground function where he inaugurated the newly constructed Belapur Jetty. A long time aspiration of the people of coastal Maharasthra, the Water Taxi service will connect the twin cities of Mumbai and Navi Mumbai for the first time. The Water Taxi services will commence from the Domestic Cruise Terminal (DCT) and will also connect nearby locations at Nerul, Belapur, Elephanta island and JNPT. The service promises a comfortable, stress-free journey, is time-saving and promotes eco-friendly transport. The Water Taxi services are going to give huge impetus to the tourism sector, especially travel to the historic Elephanta caves from Navi Mumbai. Visitors will be able to travel easily from Navi Mumbai to Gateway of India. The newly constructed Belapur jetty, built at a cost of Rs. 8.37 crore was funded in the 50-50 model under the Sagarmala scheme of the Ministry of Ports, Shipping and Waterways. The new jetty will enable movement of vessels to locations like Bhaucha Dhakka, Mandwa, Elephanta and Karanja. Addressing the physical event via VC, Shri Sarbananda Sonowal lauded the Mumbai Maritime Board and Central & State agencies for completion of the projects which brings huge benefits to the citizens, boosts tourism and opens avenues for employment generation. “Sagar mala Programme has undertaken a range of projects across an array of categories such as port modernization, rail, road, cruise tourism, RORO & passenger jetties, fisheries, coastal infrastructure, skill development. 131 projects worth Rs. 1.05 lakh crore has been identified for implementation in Maharashtra,” the Union Minister stated. The Union Minister added, “Out of 131, 46 projects worth Rs. 2078 crore being financially supported under Sagarmala scheme of Ministry of Ports, Shipping and Waterways. Maharashtra coast has huge potential for urban water transportation which can become an alternate mode of
transportation. ROPAX movement between Mumbai Ferry Wharf and Mandwa has resulted in a positive impact with a reduction in travel time for passengers, quick and agile loading and unloading process of vehicles. More than 32 projects were undertaken in four clusters - Palghar, Mumbai & Raigad, Ratnagiri and Sindhudurg.” “For upliftment of the fishing community, four fishing harbour projects have been sanctioned for funding under Sagarmala. Stage II expansion of Mirkawada Fishing Harbour in Ratnagiri District have been completed, modernization of Sassoon Dock and development of Karanja in Raigad and Anandwadi in Sindhudurg district are under implementation. Further, proposal for modernization of Mallet Bunder in Mumbai is under active consideration.” the Minister stated. Shri Sonowal thanked the Maharasthra Govt for their active role in developing the infra projects. “India’s is getting faster under the PM GatiShakti National master Plan. Under the leadership of Prime Minister Shri Narendra Modi I believe we can achieve much as Team India, working with the spirit of brotherhood and oneness,” the Union Minister concluded.
Forex reserves down by USD 1.763 bn to USD 630.19 bn MUMBAI: The country’s foreign exchange reserves declined by USD 1.763 billion to USD 630.19 billion in the week ended on February 11, the RBI data showed. In the previous week ended February 4, the reserves had risen by USD 2.198 billion to USD 631.953 billion. It touched a lifetime high of USD 642.453 billion in the week ended on September 3, 2021.
FCA dipped by USD 2.764 billion to USD 565.565 billion in the week ended February 11. Gold reserves increased by USD 952 million to USD 40.235 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 65 million to USD 19.173 billion, RBI said.
II 21st FEBRUARY 2022
21st FEBRUARY 2022 17
Unified Logistics Platform to cut cost, boost Ease of Business NEW DELHI: The Centre will quickly roll out the Unified Logistics Interface Platform (ULIP) to drastically cut back logistics prices and make Indian items aggressive, integrating about 24 logistics methods throughout Six Ministries and Departments to Supply Real-Time Knowledge and fill a crucial hole for environment friendly motion of products by means of completely different modes. Finance Minister Nirmala Sitharaman, in her Funds speech, referred to the ULIP platform, which she mentioned will cut back logistics price and time, helping just-in-time stock administration, and in eliminating tedious documentation. Most significantly, this may present real-time data to all stakeholders, and enhance worldwide competitiveness, the FM mentioned. The platform goals to interrupt silos and is consistent with the PM Gati Shakti programme. It promotes integration amongst varied Ministries comparable to ports & delivery, Railways, Civil Aviation, Street Transport & Highways, Finance Ministry and different sources. This may combine data obtainable with varied Ministries and authorities companies throughout all the worth chain. It can additionally function a nationwide single-
window logistics platform for end-toend visibility for environment friendly motion of products. The platform may be utilised by varied authorities and personal companies, service suppliers, trade our bodies, enterprises and startups to allow change of knowledge on areal-time foundation, starting from price to availability of containers and emptiness at ports, amongst different crucial data. Varied authentication and e-locker providers of the Centre comparable to Aadhaar, PAN, GSTN and Digi-locker may also be built-in into the platform for quicker clearances. “Will probably be an open and safe supply platform, there can be interoperability, there can be scalability, safety and accountability for knowledge change. A personal sector will then be capable to clearly discover out whether or not they need to use street, rail, which container depot, logistics hub, ports and the time framework for sending their items,” mentioned Amitabh Kant, CEO of pre side ncy think -tank N iti Aayo g , spearheading the undertaking. “Each participant within the worth chain will compete with one another to convey down the prices. This can be one of many path-breaking initiatives to convey
down the price of logistics in India. There can be unified documentation and all knowledge can be obtainable on an actual time foundation. This can be method past UPI for logistics,” mentioned Kant, pointing to the potential of the platform. As soon as data change throughout the system is about up, ULIP is more likely to develop a unified documentation and reference system for the logistics sector. By means of this interface, the platform will be capable to convey all processes linked to requests, compliances, certifications, approvals, suggestions of all of the ministries beneath one umbrella. The official says this may assist lower logistics prices, assist India in enhancing its rating in aggressive indices and promote ease of doing enterprise. Logistics prices in India are excessive, accounting for 14% of GDP. Transportation and stock prices account for greater than 90% of those prices. These excessive prices are, partially, a results of low logistics effectivity as a consequence of a fragmented market, lack of standardised trucking property, previous autos and out of date warehousing applied sciences, in keeping with knowledge obtainable with Niti Aayog. This hurts the competitiveness of the nation’s exports and total trade.
India and UAE sign the historic CEPA aimed at boosting goods trade to US$ 100 billion over next 5 yrs • India and UAE are natural partners with many complementari es, says Shri Piyush Goyal • H. E. Touq Al Marri , Minister of Economy (UAE) terms the CEPA as a momentous new chapter in the shared history between the two na ons NEW DELHI: India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years. The deal was signed during the virtual summit meeting between Hon’ble Prime Minister of India, Shri Narendra Modi and H.E. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Addressing the joint press conference with Mr. Abdulla bin Touq Al Marri, Minister of Economy (UAE) and Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, Shri Piyush Goyal said that India, celebrating its 75 years of independence and UAE, celebrating 50 years of its foundation were at an appropriate time to reset the relationship between two nations and take it to greater heights than ever before. The Minister observed that both India and UAE are natural partners with several complementarities and hardly any elements of competitions. He said that both nations believed in rules based fair trade, in engaging with each other in a spirit of reciprocity and were determined that people and businesses of both countries must mutually benefit from the deepening engagement. Shri Goyal emphasized that the Agreement was not an interim arrangement but a complete and comprehensive economic partnership finalized in the shortest possible time in history. He said that the agreement
covered the widest possible array of subjects from free trade to digital economy to government procurement and several other strategic areas of mutual interest. He complemented the teams on both sides for t h e i r commitment a n d t h e i r dedication and for successfully concluding one of the most balanced, fair and equitable agreements in just 88 days, working in a spirit of brotherhood and friendship understanding each other’s sensitivities. E m p h a s i z i n g t h a t C E PA w o u l d generate 10 lakh jobs across multiple labour-intensive sectors, the Minister said that major sectors like gems and jewellery, textiles, leather, footwear, furniture, agriculture and food products, plastics, engineering goods, pharmaceuticals, medical devices, sports goods etc. will benefit from this deal and create large scale, employment for our young boys & girls. Shri Goyal said that there were many firsts in the CEPA agreement. He said that
UAE had agreed to automatic registration and market authorization for Indian medicines in case of their regulatory approval in developed countries such as USA, EU, UK and Japan. The Commerce & Industry Minister added that the agreement also had a permanent safeguard mechanism which can be resorted to in a situation of sudden surge in imports along with strict rules of origin, which will prevent products from other countries through the CEPA route. Several other agreements were also signed today between the two nations, including an MoU between APEDA and DP World & Al Dahra on the UAE side regarding “Food Security Cor ridor Initiative” and an MoU between GIFT city (IFSCA) and Abu Dhabi Global Market (ADGM).
21st FEBRUARY 2022 19
Global Trade hits record high of $28.5 trillion in 2021, but likely to be subdued in 2022 All major trading economies saw imports and exports rise above pre-pandemic levels in the fourth quarter of 2021, with trade in goods increasing more strongly in the developing world than in developed countries. GENEVA: UNCTAD’s Global Trade Update published on 17 February shows that in 2021, world trade in goods remained strong and trade in services finally returned to its pre-COVID-19 levels. “Overall, the value of global trade reached a record level of $28.5 trillion in 2021,” the report says. That’s an increase of 25% on 2020 and 13% higher compared to 2019, before the COVID-19 pandemic struck. While most global trade growth took hold during the first half of 2021, progress continued in the year’s second half. After a relatively slow third quarter, trade growth picked up again in the fourth quarter, when trade in goods increased by almost $200 billion, achieving a new record of $5.8 trillion. Meanwhile, trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels. Greater trade growth in developing countries The report shows that in the fourth quarter 2021, all major trading economies saw imports and exports rise well above prepandemic levels in 2019. But trade in goods increased more strongly in the developing world than in developed countries. Exports of developing countries were about 30% higher than during the same period in 2020, compared with 15% for wealthier nations. The growth was higher in commodity-exporting regions, as commodity prices increased. Moreover, South-South trade growth was above the global average, with a 32% year-on-year increase. Substantial trade growth in most sectors Except transport equipment, all economic sectors saw a substantial year-over-year increase in the value of their trade during the final quarter of 2021. “High fuel prices are behind the strong increase in the value of trade of the energy sector,” the report says, “Trade growth was also above average for metals and chemicals.” As a result of the global shortage of semiconductors, trade growth in communication equipment, road vehicles and precision instruments was subdued. Forecasts for 2022 The UNCTAD report indicates that trade growth will slow during the first quarter of 2022. Positive growth rates are expected for both trade in goods and services, albeit only marginally, keeping trade values at levels
Global trade trends and nowcast
similar to the last three months of 2021. “The positive trend for international trade in 2021 was largely the result of increases in commodity prices, subsiding pandemic restrictions and a strong recovery in demand due to economic stimulus packages,” the report says. “As these trends are likely to abate, international trade trends are expected to normalize during 2022.” Factors set to shape 2022 world trade Trade growth in 2022 is likely to be lower than expected, given the macroeconomic trends. The International Monetary Fund has revised its world economic growth forecast downwards by 0.5 points, the report notes, considering persistent inflation in the United States and concerns related to China’s real estate sector. It also points to ongoing logistic disruptions and rising energy prices, saying that “efforts to shorten supply chains and to diversify suppliers could affect global trade patterns during 2022.” On trade flows, the report projects the trend of regionalization to increase because of various trade agreements and regional initiatives, as well as “increasing reliance of geographically closer suppliers.” Moreover, trade patterns in 2022 are expected to reflect the increasing global demand for products that are environmentally sustainable. The report also flags the record levels of global debt, warning that concerns over debt sustainability are likely to intensify due to mounting inflationary pressures. “A significant tightening of financial conditions would heighten pressure on the most highly indebted governments, amplifying vulnerabilities and negatively affecting investments and international trade flows,” the report cautions.
Cutting Logistics cost by 6% a major challenge : Nitin Gadkari NEW DELHI: The Union Minister for Road Transport and Highways Nitin Gadkari said recently that speed limit for vehicles on expressways would soon be increased to cut the fuel costs, and thereby the logistics cost. Rules and regulations in this regard would be changed, he said. Addressing a public meeting after inaugurating and laying the foundation stone for numerous road development projects in Andhra Pradesh worth Rs 21,559 crore, the Union Minister noted that high logistics cost was proving a major problem for Indian exports. "Our logistics cost is 16-18 per cent whereas it is 8-10 per cent in China and 12 per cent in Europe and the USA. That's one of the problems in our exports since the costs are high. We are going to accept this challenge and reduce the logistics cost to 8-10 per cent," Gadkari said. He said "time has come" to change the rules and regulations related on speed limit on expressways as accesscontrolled expressways were crucial to reduce fuel costs. Stating that there was no shortage of money in his Ministry, Gadkari said the Centre has decided to build 22 greenfield
expressways across the country as road infrastructure was vital, including six in Andhra Pradesh. "Ports, waterways are very important. Road construction is equally important. And, as far as development is concerned, we don't want to discriminate anybody, because the country belongs to everybody," he observed. He said a staggering Rs 3 lakh crore would be spent on road construction in AP by 2024. "Role of AP is very important in making India economically strong. We will extend 100 per cent support for road development in the state," the Union Minister added. Gadkari remarked that "strong political will" was very important to build good infrastructure projects. Referring to the major greenfield expressway projects for AP, Gadkari said a 465-km expressway between Raipur and Visakhapatnam, traversing through Chhattisgarh, Odisha and AP, would be built at a cost of Rs 16,102 crore. This would help in increasing business, particularly the container traffic, since railways was already jammed. This project would be completed by the end of 2024.
21st FEBRUARY 2022 21
Historic pact to immensely facilitate trade & further cementing strategic ties between India & UAE : FIEO NEW DELHI: Complimenting and expressing his gratitude to the Hon'ble Prime Minister Shri Narendra Modi for s i g n i n g t h e h i s t o r i c I n d i a - UA E Comprehensive Economic Partnership Agreement (CEPA), the first in the last 12 year with a major economy, Dr A Sakthivel, President, FIEO said that such a comprehensive agreement has been concluded in a record time, which bespeaks of the enormous trust and confidence between the top leadership of the two countries. FIEO Chief also thanked the Hon’ble Commerce & Industry Minister for proactively leading the negotiations at a breadth taking speed and finalising it in such a short time. T h e C E PA w i l l o p e n v i s t a s o f opportunity of trade, both of goods and services, besides investment between India and UAE. UAE is currently India's second largest export destination next only to the US and our exports growth to UAE has been very encouraging in the past, added President, FIEO. In the first nine months of the current financial year,
our exports to the UAE have already crossed US$ 20 Bn. While exact tariff concessions are not known, a CEPA with UAE will be extremely beneficial to Indian exports particularly for the labourintensive sectors like agriculture and processed food including meat and marine products, gems & jewellery, apparel & textiles, leather & footwears as well as other sectors like engineering, organic chemicals, plastics, paper & paper products, iron & steel, electrical and electronics, automobile and auto components and phar maceuticals. Having a large Indian diaspora, UAE consumes a large quantity of Indian cereals, fruits & vegetables, tea, spices, sugar, etc. Indian companies will gain in services like travel & tourism, transportation, IT & ITES and construction services. The FTA will result in exponential growth in India's exports to UAE and also will open the market to other GCC countries, said FIEO Chief, as GCC countries also follow the same technical standards as applicable to
UAE paving the way for greater market access to Indian goods in GCC market. This may be used as a template for similar agreements with the GCC countries. UAE is also a re-distribution centre and a financial hub. Much of exports to Africa is routed through Dubai. The signing of FTA will encourage setting up of warehousing/distribution centres in the UAE for exports to Africa. Lot of African buyers come to Dubai and place orders from there itself and thus showcasing Indian goods in UAE will be a very good strategy for marketing our products and services in the African continent said Dr Sakthivel. The proposal to set up an “India Mart” in Dubai will further supplement this objective. The CEPA will facilitate investment through sovereign funds of the UAE in various facets of infrastructure as well as in some of the sectors identified under the PLI Scheme. UAE companies will be encouraged to produce in India and cater to both Indian and UAE markets with duty free access now, opined FIEO Chief.
xChange survey indicates Three-Fold rise in awareness and acceptance of Shipper Owned Containers (SOCs) among top 50 Freight Forwarders HAMBURG: According to an undercover survey by Container xChange, for the third year in a row, the percentage of top 50 freight forwarders accepting SOC requests grew from 6% in 2019, 10% in 2020 to 18% in 2021, a three-fold growth in awareness and acceptance of Shipper owned containers (shipping containers owned by the shippers). Though there is considerable improvement in demand for SOCs, the major forwarders are yet to fulfil the demand for the boxes on the route from China to Germany. Florian Braun, Head of Ocean Freight, EMEA, Flexport says, “SOC increases reliability for empty container availability. The downside is that you need a dedicated team/person to manage these shipments.” He adds, “COVID caused a strong equipment imbalance, and therefore the need for empty equipment has increased. SOCs are a solution for this.” “Forwarders are increasingly positive about SOCs but are also skeptical of the success of processes around them. The rise in awareness for SOCs shows that industry participants are responding to the supply-chain pressures by diversifying their sourcing strategy. We’ve observed a growing year-on-year acceptance for SOCs as well as demand to improve the management costs and efforts. We believe the solution lies in digitizing the process to
enable forwarders with a seamless, hassle-free opportunity of using SOCs,” said Christian Roeloffs, Founder and CEO, Container xChange During the month of December 2021, Container xChange put to a test the world’s 50 largest freight forwarders to investigate how they respond to SOC requests. We reached out once again to ship industrial machiner y parts from Shanghai to Hamburg using SOC containers. Here is what the report findings show -18% of the companies that were tested were able to organize the SOC move and source the containers without any restrictions. This figure of 18% compares to 10% of the companies in 2020, and 6% in 2019. Meaning that since last year, this number has grown by 80% and that over the last 2 years, it’s grown three-fold. SOC acceptance and awareness has grown over the last three years. 90% of our respondents were clued up on the SOC market compared to 68% of respondents last year and 35% in 2019. Hitachi Transport System was one of the most helpful freight forwarders, even offering us ‘reasonable’ pickup charges, bearing in mind the current climate. While last year the winners were Kuehne+Nagel, CEVA Logistics, Hitachi Transport Systems, Nippon Express and Kerry Logistics – in 2021 it was GEFCO,
H i t a c h i ( a g a i n ) , Yu s e n L o g i s t i c s , Landstar, Mainfreight, Kintetsu World Express, FedEX, BDP International and Millenium Cargo. T h i s y e a r, t h e l o w e r c o h o r t s outperform the top 10. The top 10 were already saturated with business, especially leading up to the festive season. Evidently, SOC is becoming more and more possible for a range of freight forwarders. (Cohort 1 = Rank 1 – 10, Cohort 2 = Rank 11 – 20 etc.) “COVID-19 has shown how necessary it is for logistics operators to be flexible, to be able to adapt to the waves of a volatile market. Due to the flexibility and availability of SOC equipment, the operator can work on new routes, and receive and release equipment for loading in regions convenient for them,” said Alexander Gnedov, CEO, Conway “While we also load COC (Carrier Owned Container) containers, we have noticed a recent increase for SOC-related requests.” He added. One of the recent surveys by xChange in January 2022 which canvasses 500 freight industry respondents also pointed towards one-fourth of the respondents considering making use of SOCs as one of their container sourcing strategies into the year 2022.
Gems & Jewellery sector is expected to achieve export target of $40 Billion this year: Piyush Goyal NEW DELHI: The Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal today said the Gems & Jewellery sector is expected to achieve export target of $40 Billion this year. He said the sector is expected to register growth of
6.5% over the pre-Covid levels. Shri Goyal was addressing the Inaugural Ceremony of India International Jewellery Show (IIJS) Signature 2022, organised by the Gem and Jewellery Export Promotion Council (GJEPC). Shri Goyal said the G&J sector is a
strong pillar of the Indian economy. “Our Gold and Diamond trade contributes about 7% to our GDP and employs over 50 Lakh persons. The exports already stand at $32 bn this year until January,” said Shri Goyal in his address through video conferencing.
21st FEBRUARY 2022 29
FFFAI discusses Budget impacts on Customs & Logistics Business Cont’d. from Pg. 3
... the Union Budget 2022-23 on February 1, the Federation of Freight Forwarders’ Associations in India organised a webinar on the very next day, February 2, 2022. The webinar was addressed by eminent Advocate Consultant and also Mentor on Legal matter, empanelled with FFFAI, Mr. Joshua Ebenezer provided detailed analysis of the changes/amendments made in the Budget 2022 concerning Customs clearance and tariff. The webinar was also addressed by Mr. Shankar Shinde, Chairman; Mr Dushyant Mulani, Chairman Elect; Mr AV Vijayakumar, Immediate Past Chairman; Mr S. Ramakrishna, Past Chairman & Advisor and other office bearers of F F FA I . T h e w e b i n a r w a s a t t e n d e d b y approximately 200 FFFAI members from across the country. Mr. Ebenezer analysed the changes and amendments very eloquently and simply with relevant examples for better understanding of the participants. He also made caution about the ambiguities due to self-contradictions betwen different amendments, which according to him, requires further clarifications from the Customs authority. Addressing the gathering, Mr Shankar Shinde thanked all FFFAI Office Bearers, Advisors and members for participating in the webinar. He also appreciated FFFAI members for providing inputs before the Budgeted 2022, which were discussed with the CBIC, Ministry of Finance as pre-Budget discussions. According to the FFFAI Chairman, many of them have been addressed in this Budget and FFFAI would continue the dialogue with the government for further facilitation of Customs clearance as well as foreign trade. Earlier, while welcoming all to this webinar Mr. Dushyant Mulani conveyed that amendments in the Union Budget are always eagerly awaited by Industry. From a customs point of view, it is not only about the changes in tariff but also about legislative changes. The trade needs to understand thoroughly how the changes/amendments will affect them. He emphasised that Mr. “Ebenezer would be able to provide deep insights for the same,” he said. Mr. Ebenezer especially drew attention of the participants towards the following points and their importance/implications to customs broking/logistics business: • In the Budget 2022 three hundred and fifty exemptions have been withdrawn • No new exemptions announced • Road map for next 25 years announced with broad vision • New items added to First Schedule of CTA 1975 with effect from May 1, 2022
• How Unconditional exemptions moved to First Schedule • How conditional exemptions are treated • Changes in Tariff Value-Section 14(2), which empowers Govt. to fix tariff values for any class of goods • Further clarifications and notifications required on Tariff Value • Amendment in Advance Ruling-Section 28E, 28H, 28I, 28J • Amendment in Section 135A-imposing fine for publishing Customs data • Amendment in section 24-4A regarding validity of Notifications • Amendments regarding Basic Customs Duty rate on Project Import • Extension of Phased Manufacturing Programme • New tariff heading/items and anomalies due to technical changes of items • Social Welfare Surcharge, which is still unresolved • Changes in explanation of Proper Officers and their power. As per Section 2 (34) Proper Officer is now linked with Section (5) powers of officers of Customs • At the same time Section 110AA introduced regarding definition and power of Proper Officer, which is contradicting Section 2 (34) • Change in electric vehicle components import and duty structure Participants took keen interest and considerable interactions took place with the panel. Mr Vinod Sharma, Hon. Secretary, FFFAI concluded the webinar with vote of thanks to the speakers, OBs and all participants for making it very lively and purposeful.
ZIM announces Signing of Operational Cooperation Agreement Amendment with the 2M Partners HAIFA: ZIM Integrated Shipping Ser vices Ltd. (NYSE: ZIM) has announced that following its previous update on the extension of its operational cooperation agreement with the 2M partners, the parties have formally finalized the related documents in connection with their continued collaboration. The
agreement is subject to regulatory approval. As previously communicated, effective April 2, 2022, ZIM and the 2M alliance partners will operate their joint services on the Asia – US East Coast (USEC) and Asia – US Gulf Coast (USGC) trades based on a slot exchange and vessel sharing agreement. Accordingly, ZIM will now solely operate two out of the six joint Asia to USEC services (ZCP & ZSE) as well as three additional vessels on one of two joint Asia to USGC services (ZGX).
30
21st FEBRUARY 2022
Regd. No.: MCS/137/2021-23
PSA Mumbai commissions 1mw Solar Farm Cont’d. from Pg. 3
PSA Mumbai is targeting a 50% reduction in carbon emissions by 2030 (against a 2019 baseline year). Among major initiatives underway, the terminal will deploy a fleet of all-electric Rubber-tyred Gantry Cranes and other e-vehicle options for its Phase 2 development. When the Dedicated Freight Corridor (DFC) rail link reaches JNPT, we can work towards the goal of carrying out zero emission transportation of a container from a vessel alongside PSA Mumbai, via its DFC-ready rail yard and all the way to National Capital Region; as well as many of the 56 Inland Container Depot destinations currently served by rail from the terminal. At the inauguration ceremony, Mr. Sivakumar Kaliannan, Managing Director of PSA Mumbai said, “We are very pleased to commission the solar farm and tap this resource for a brighter and cleaner tomorrow. Along with many other stakeholders, we are accelerating our efforts in this direction and are pleased to play our part towards meeting JNPT’s target under the Maritime India Vision 2030 of 60% renewable power usage.” Managing Director of PSA India Mr Mike Formoso
added, “The commissioning of this solar farm at PSA Mumbai, and the delivery earlier this week of hybrid Rubber Tyre Gantry cranes to PSA Chennai as they celebrated their 9th millionth-TEU handled since the start of the terminal’s operations, underscores our drive to reduce emissions whilst growing PSA India’s volumes and footprint across India. Across our terminal and Container Freight Station entities, many more sustainability initiatives are well underway, ranging from biofuels to energy-efficient smart LED lighting as we work to halve our emissions by 2030.”
Fifth year in a row : PPT achieves 100 MMT mark in Cargo Handling PARADIP: Paradip Port achieved yet another 100 Million Metric Tonnes (MMT) of cargo handling fifth year in row. Despite COVID-19 crisis and huge shortfall in iron ore exports, it once again repeated the feat by crossing the 100 MMT mark in succession and achieved cargo throughput of 100.04 MMT till 18th February in the current fiscal. Notably, last year the coveted mark of 100 MMT was achieved on February 21st 2021. In spite of shortfall of Iron Ore/Pellet shipments by 30.24 %, PPT could achieve 36.86% % growth in coastal Shipping of Coal and 6.77% growth in POL, by showing better efficiency and that too in 3 days before, in comparison to the last fiscal. Marking the occasion, symbolic cake cutting was done today at Officers' Club by Shri P.L. Haranadh,
Chairman, PPT in presence of Shri A.K. Bose, Dy. Chairman and other HoDs and Dy. HoDs. For the above feat, Shri Haranadh, Chairman, PPT congratulated all Officers/Employees, the user industries, Stevedores, Steamer Agents, Trade Unions, PPP Operators to have their continued faith in the ability of the Port to serve them. Congratulating the employees and officers of the Port for their continued commitment to serve the trade, Chairman, PPT takes the pleasure of appreciating the support of Govt. authorities like Ministry of Ports, Shipping & Waterways (GoI), Govt. of Odisha, Indian Railways, Customs, Immigration Department, Dock Safety, MMD as well as the trusted partnership with all Service Providers/Terminal Operators for their sustained effort.