1. Post Parcel has been detained by Customs since the value of the contents exceeds permissible limit of Rs.2000/-. The dutiable articles, intended for personal use, imported by post or air, are restricted subject to value limit of Rs.2000/-(CIF), as per the conditions laid down under the CTH 9804 under the clause 3(1)(i) of Foreign Trade (Exemption from application of Rules in certain cases) order, 1993. In view of the above restriction the goods having value more than Rs.2000/-(CIF) become restricted for import and the same are liable for confiscation under Section 111 (d) of the Customs Act, 1962 and the Importer is liable for penalty under Section 112(a)(i) of the Customs Act, 1962.
Mumbai: The finance ministry has opposed India Post’s plan to seek a commercial banking licence from the Reserve Bank of India (RBI) on grounds that the postal service doesn’t have the expertise needed in relevant areas, such as handling credit.
India Post is keen to set up a commercial bank called the Post Bank of India, arguing that it can significantly boost financial inclusion in Asia’s third largest economy through its nationwide network of 155,000 post offices.
This will also allow the organization, which posted a loss of Rs.6,346 crore in fiscal 2012, to make up for business dropping off over the years as letter writing dwindled and private courier firms took away market share.