Week ending January 7, 2002


News on Shippings

Updated customs tariff system introduced A revised 2002 version of the harmonized system nomenclature (HSN) in customs tariff has come into force from January 1, 2002. The new nomenclature, which is an internationally accepted one for the commodity classification, is updated periodically. The 2002 HSN version has been incorporated in the third schedule of the Finance Act 2001, under a special notification.

DCI signs up MoU with a Chinese firm for Dubai-based reclamation project The Dredging Corporation of India (DCI) along with China Rail & Transport Company is likely to take up dredging and reclamation work in the sea near Dubai. The order is totally worth about 70 million cubic metres, of which, DCI will have a share of 20 million cubic metres, valued at about Rs. 150 crores. The two firms have already signed up a memorandum of understanding for undertaking the project and the deal will be finalized after the details are worked out.

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News on Logistics

Inland Waterways used to transport petroleum products MV Naharkatia, a self-propelled barge of the Central Inland Water Transport Corporation (CIWTC) loaded with petroleum products has been operated between Silghat in Assam to Budge Budge in West Bengal on the inland waterway. This is for the first time that inland waterway is used for transporting petroleum products in the country. The vessel during its voyage came through Bangladesh’s inland waters, under a bilateral agreement between India and Bangladesh.

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News on Shipyards

Cochin Shipyard workers to resist privatization move Anticipating a move by the Union Shipping Ministry to privatize the Cochin Shipyard Ltd. (CSL), the workers have formed an association called the Joint Action Committee to protest against privatization. The workers’ action committee has argued that recommendations of the K.P. Geethakrishnan committee on expenditure reforms, for privatizing public sector yards was not scientific, as there was no justification for selling a profit-making shipyard like CSL. The Cochin Shipyard has reportedly made a net profit of Rs.38.49 crore for the year 2000-01.




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