OCTOBER 20239TOP STORIESCBIC TO SETUP COMMITTEE TO ADDRESS GRIEVANCES OF JEWELERY INDUSTRYThe Central Board of Indirect Taxes and Customs (CBIC) is considering setting up a panel to investigate complaints from the stone and jewelry industry on customs clearance. The industry rose with the board several issues related to lack of appraisers, manual transportation of stones and jewelry, evasion of taxes or duties on exported products (RoDTEP)."Especially for repaired jewelry, the valuation will be affected, and there will be delays and disputes," said a customs official who spoke on condition of anonymity. The industry is also trying to ease the regulatory process for the courier export of jewelry and introduce new risk management systems.The CBIC on June 15 issued regulations on the export of jewelry by mail. However, it is difficult to transport goods to send documents."We have concerns about certain procedures. We have flagged them to customs authorities," Anil Sankhwal, a senior Gems and Jewellery Export Promotion Council member, told ET.The industry has also sought customs duty exemption for sawn diamond imports with the ban on the import of rough diamonds from Russia by G7 countries coming into effect from January 1, 2024.The gem and jewelry export during April­October stood at $18.60 billion, or 46 percent of the annual target, as per the Niryat portal. The Industry had set a target of $40 billion for the current fiscal year. Sankhwal said the proposed ban could present fresh challenges for the industry, which was already affected by the fall in demand from key markets such as the US and China. TPREL TO CONSTRUCT 13.2MW CAPTIVE SOLAR POWER FACILITYTata Power Renewable Energy announced on Dec 13 that it has signed an agreement with the group of Dr. Abhay Firodia (Force Motors Ltd and Jaya Hind Industries Pvt Ltd) to develop a 13.2 MW captive power plant. Tata Power Renewable Energy Ltd (TPREL)and Dr. Abhay Firodia signed a Power Distribution Agreement (PDA) to supply green power for 25 years under the Captive group. planning, According to a statement from the company.Power plants are developed for joint use by several customers under a specific group approach. This partnership represents a major step forward in advancing sustainable energy solutions for the industry.Under the agreement, Force Motors Ltd, a fully vertically integrated automobile company, will use 6.2 MW AC power and consume 13.64 million units (MUs) annually. The other group company, Jaya Hind Industries Private Ltd, will use 7.0 MW AC power, consuming 15.40 MUs annually.Located at Achegaon in Maharashtra, this solar plant has a capacity of 13.2 MW AC, generating 29.04 MUs of power annually, and it is expected to reduce carbon emissions by approximately 21,200 metric tonnes per year. The project is scheduled to be completed within 12 months of signing the power delivery agreement.TPREL will oversee the development, management, and maintenance of the group's captive solar plant. Force Motors Ltd and Jaya Hind Industries Private Ltd would benefit from the plant's clean and reliable power supply and have the chance to actively contribute to environmental sustainability.
< Page 8 | Page 10 >