Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency. Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. In the coming days, the idea of exports will change in the country, Goyal said. FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders. All pending cases of the default in meeting export obligation (EO) of authorisations mentioned can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty. Policy for export of dual use items under Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) has been consolidated at one place for ease of understanding and compliance by industry. SCOMET policy emphasises India's export control in line with its international commitments under various export control regimes (Wassenaar arrangement, Australia group and Missile Technology Control Regime) to control trade in sensitive/dual use items/technology.

India ready for rupee trade with countries facing currency crises: Commerce Secretary

New Delhi, Jan 28 () The commerce ministry has put Bharti Airtel in denied entry list for non-fulfilment of export obligation under an export promotion scheme, sources said.
 The Directorate General of Foreign Trade (DGFT), which is under the ministry, has put the company under this list which is commonly known as back list for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to them, they said.
 Airtel sources said, "Airtel has not taken any such licence since April 2018, as there is no operational requirement. In fact, the company has already applied for the closure of all past licences that were due and is awaiting approval from the authorities."
 An e-mail send to the company did not elicit any immediate response.
 Due to this, the company will not be able to avail any export benefit or licence from the DGFT. 
 The Export Promotion Capital Goods (EPCG) is an export promotion scheme. Under this, import of capital goods are allowed at zero customs duty for manufacturing quality goods and services.
 Under the scheme, capital goods imported at zero duty must fulfil EPCG export obligation equivalent to 6 times of duty saved on the capital goods. RR MBI HRS

Commerce ministry puts Bharti Airtel in denied entry list

New Delhi, Jan 31 () Bharti Airtel on Friday said its name has now been removed from the denied entry list for non-fulfilment of export obligation under an export promotion scheme.
 "We are actively engaged with the authorities to complete the formalities and provide additional documents for closure of the remaining cases," the company said in a statement.
 The company said its has now been removed from the denied entry list, after it highlighted the relevant details and documents submitted to the Directorate General of Foreign Trade (DGFT).
 Earlier this week, the firm said it was working to get its name removed from the list, and added that DGFT's latest action does not limit its ability to undertake future imports or exports.
 The DGFT, which is under the Commerce Ministry, had put the company under the list, commonly known as blacklist, for non-fulfilment of export obligation in respect of certain Export Promotion Capital Goods (EPCG) authorisation issued to it.
 Under the EPCG, an export promotion scheme, import of capital goods is allowed at zero customs duty. Capital goods imported at zero duty must fulfil EPCG export obligation equivalent to six times of duty saved, as per the scheme. MBI ANS
ANS

Airtel says its name removed from DGFT blacklist

New Delhi, Jan 29 () Bharti Airtel on Wednesday said it is working to get the company's name removed from 'Denied Entry List', but added that DGFT's latest action does not limit its ability to undertake future imports or exports.
 The comment by the telecom operator came after the Commerce Ministry put Bharti Airtel in denied entry list (DEL) for non-fulfilment of export obligation under an export promotion scheme. 
 The Directorate General of Foreign Trade (DGFT), which is under the Commerce Ministry, has put the company under the list, commonly known as blacklist, for non-fulfilment of export obligation in respect of certain EPCG authorisation issued to it.
 In a regulatory filing on Wednesday, Airtel said, "The company is working towards an expeditious closure of this matter with the office of the DGFT and for getting the company's name removed from the DEL".
 "It must also be noted that the said action does not limit the ability of the company to undertake future imports or exports," Airtel added.
 Bharti Airtel said it has not applied for any such license since April 2018 as there was no operational need for the same.
 "The company has fulfilled all its export obligations under the past licenses and has applied for closure of these licenses along with necessary documents to the authorities in this regard," it added.
 Under the Export Promotion Capital Goods (EPCG), an export promotion scheme, import of capital goods is allowed at zero customs duty. Capital goods imported at zero duty must fulfil EPCG export obligation equivalent to six times of duty saved, as per the scheme. MBI RVK

Bharti Airtel working with DGFT for removal of name from blacklist

New Delhi, Mar 31 () The government on Tuesday extended the existing foreign trade policy (2015-20) for one year till March 2021 amid coronavirus outbreak and the lockdown to contain the virus spread."The existing foreign trade policy 2015-20 which is valid up to March 31 this year is extended up to March 31, 2021. Various other changes are also made extending the date of exemptions by one year and extending validity of DFIA and EPCG authorisations for import purposes," the directorate general of foreign trade said in a notification.Exports during April-February this fiscal dipped by 1.5 per cent to USD 292.91 billion.Imports during the period declined by 7.30 per cent to USD 436 billion, leaving a trade deficit of USD 143.12 billion.Export Promotion Capital Goods (EPCG) is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports.On the other hand, advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product.Under the Duty Free Import Authorisation (DFIA) scheme, exporters are allowed to import certain goods like sugar at zero duty. RR BALBAL

Foreign trade policy extended for one year till March 2021

New Delhi, Nov 20 () India has appealed against a ruling of the WTO's dispute settlement panel, which held that certain provisions of the domestic export incentive initiatives are inconsistent with global trade norms, an official said.
 The dispute was filed by the US, which has challenged five such initiatives namely Merchandise Export from India Scheme (MEIS), Export Oriented Units (EOU), Electronics Hardware Technology Parks (EHTP), Special Economic Zone (SEZ) and Export Promotion Capital Goods (EPCG).
 The US asserted that these initiatives harm its companies by creating an uneven playing field.
 A report by the dispute settlement panel found that these schemes were in violation of the WTO agreements for providing prohibited export subsidies.
 "India has filed an appeal against the panel's report, which was released on October 31," the official said.
 The plea was made in the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism.
 The US has dragged India to the WTO under Article 27 of the organisation's Agreement on Subsidies and Countervailing Measures (SCM), which also provides for special and differential treatment to developing countries like India.
 At the time when the agreement came into force, developing countries with over USD 1,000 per capita gross national income (GNI) were provided a period of eight years to bring down their export subsidies.
 India said the WTO informed the country only in 2017 that it has crossed this threshold and hence should get the eight-year period from 2017 to cut its export subsidies.
 India has contested that it should be given an eight-year phase-out period as was available to other developing countries.
 The official said India has requested the appellate body to look at the negotiation history of the SCM agreement, wherein it was decided that countries like India will get a phase-out period for the alleged export subsidies when their GNP reaches the pre-determined threshold.
 India has also challenged the panel's ruling with respect to each of the five schemes challenged by the US.
 "The country argues that the panel erred in its ruling to find these schemes as export subsidies. India has stated that the EOU scheme ensures all imported goods are consumed in the production of exported products, and therefore, cannot be deemed as a subsidy," the official added.
 It has also emphasised that capital goods imported under the EPCG scheme are also used for the manufacture of exported products, and therefore, consumed in the production of exported product.
 On SEZ, it has appealed that the scheme does not mandate export performance, and therefore, cannot be found against the the SCM agreement.
 "India is hopeful that the appellate body will reverse the errors made by the panel in their ruling," the official said.
 According to trade experts, the ruling if implemented would impact India's exports and the government will have to immediately work on alternatives.
 "We need to immediately work on new schemes, which are WTO compatible," Rafeeq Ahmed, Chairman of Farida Group, said. RR ANU
ANU

India appeals against WTO panel ruling on export incentive schemes

New Delhi, Apr 7 () Seeking intervention of Prime Minister Narendra Modi, exporters on Tuesday demanded a comprehensive package as the exports sector will take an "unprecedented" hit due to lockdowns to contain the COVID-19 pandemic. In a letter to the Prime Minister, Federation of Indian Export Organisations (FIEO) President S K Saraf said that the exports sector is facing over 50 per cent cancellation due to the global lockdown on account spread of the coronavirus in the world. "Our exports will take an unprecedented hit in such challenging times. The worst-hit are lifestyle products like leather, carpets, handicrafts, apparels etc which are having over 75 per cent cancellations. This will also put pressure on current account deficit as overseas remittance will decline so will be FDI/FIIs inflow in the country," he said. Painting a grim picture, he added that there is a high risk of large scale unemployment after lockdown, especially in the labour-intensive sectors, if they are not accorded fiscal relief to ease their cash flow. "Therefore, we request immediate help through rapid policy decisions to mitigate the crisis and prevent further structural damage to both industry and economy," Saraf said. As part of the fiscal package, the organisation has demanded a host of measures including Rs 30,000 crore to exporting companies for easing their working capital liquidity issues, 2 per cent additional incentives under export promotion scheme - MEIS, subsidy on loans till March next year, and 50 per cent cut in GST rates for sectors such as hotels, aviation, and travel for next 12 months. Besides, one-time amnesty for default in export obligations under advance authorisation, EPCG (export promotion for capital goods), and export-oriented units (EOUs) by waiving interest and penalty and charging only basic customs duty. It should also be extended to any other dispute in customs matter. "All existing pre and post-shipment finance in Foreign Currency or Indian Rupee should be extended on maturity by additional 90 -180 days on autoroute irrespective of the nature of contract and sanctioned limit. Moreover, no deposit of money be insisted by banks where limit granted in foreign currency is crossed due to rupee depreciation," the president said. He also urged for providing 50 per cent freight subsidy on air freight to encourage exporters to use air freight to compensate for time loss. "All exports related refund and statutory refunds like duty drawback, GST should be paid to exporters, including risky exporters, within 15 days so as to ease liquidity at their end. A bond may be taken from risky exporters so as to recover it, if so warranted," he said. He also said that the directorate general of foreign trade (DGFT) must give one time amnesty to all who could not apply or get MEIS (merchandise export from India scheme) due to system failure or minor lapse in shipping bills. "Indian exporters should be given additional 2 per cent MEIS and labour intensive sector to be provided additional 4 per cent MEIS on exports up to 31st March 2021. The MEIS should be given without realization as it will be delayed in such tight liquidity globally. This scrip should be used for payment of any statutory levy including GST, Income Tax etc," he said. Saraf said that EPF )employee provident fund) and Employees' State Insurance (ESI) should be waived for three months as labour-intensive sectors are in "extreme pressure" to pay wages, but do not have liquidity or cash flow to pay these funds. The waiver of these funds for three months will cost the government Rs 18,900 crore, he said adding this can be given to companies with a minimum 50 per cent export turnover. "The loan amount should cover six months gross salary and wages, rent and electricity charges. No additional collateral or paperwork to all industrial units who have a clean record with the bank before lockdown. The repayment should be in 18 equal instalments after 6 months initial moratorium, he said. RR SHW MRMR

Exporters seek PM intervention for comprehensive package do deal with COVID crisis

The <keyword id="32870" type="COMPANY" weightage="80" keywordseo="Auto">Auto</keyword> Component Manufacturers Association (<keyword id="224858" type="ORGANIZATION" weightage="80" keywordseo="ACMA">ACMA</keyword>), the apex body representing India's auto component manufacturing industry, welcomed the thrust given to promote exports in the new <keyword id="35067" type="ORGANIZATION" weightage="80" keywordseo="foreign-trade-policy">Foreign Trade Policy</keyword> 2015-20. 
 The industry body expressed satisfaction on the focus given to consolidation of various exports schemes and further simplification of procedures to help integrate India in the global <keyword id="1195806" type="UNKNOWN" weightage="80" keywordseo="value-chain">value chain</keyword>, improving ease of doing business index through online and e-governance interventions and reducing the transaction cost in international trade, according to an Economic Times report. 
 172 tariff-lines of auto <keyword id="171938" type="CITY" weightage="80" keywordseo="components">components</keyword> are benefited under the new policy compared to the earlier 166. The incentives provided encourage local sourcing and manufacturing as they are based on the amount of value-addition. 
 
5 provisions that get the <keyword id="46265" type="UNKNOWN" weightage="80" keywordseo="Auto-sector">auto sector</keyword>'s thumbs-up 
 
1. Stable policy for five years with mid-term review. 
 2. Export incentives consolidated into two schemes - Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS). Duty credit scrips issued under MEIS and SEIS and the goods imported against these scrips are fully transferable which can be used to pay customs duty, <keyword id="6356916" type="UNKNOWN" weightage="80" keywordseo="excise-duty">excise duty</keyword> and service tax. 
 
3.is Under the export promotion capital goods scheme (EPCG), export obligation reduced from 90 per cent to 75 per cent in case of capital goods sourced locally, this will promote domestic capital goods manufacturing industry. 
 
4. Indian Manufacturers who are status holders will be allowed to self-certify to qualify for preferential treatment under the various Preferential Trade Agreement (PTA), Free Trade Agreement (FTA), Comprehensive Economic Cooperation Agreement (CECAs), Comprehensive Economic Partnership Agreement (CEPAs). The 'Approved Exporter System' will help exporters in getting fast access to international markets. 
 
5. Basic Customs Duty paid in cash or through debit under Duty Credit Scrips can be taken back as Duty Drawback.

You Searched For "epcg" and got 8 results

India ready for rupee trade with countries facing currency crises: Commerce Secretary

PTI

Commerce ministry puts Bharti Airtel in denied entry list

PTI

Airtel says its name removed from DGFT blacklist

PTI

Bharti Airtel working with DGFT for removal of name from blacklist

PTI

Foreign trade policy extended for one year till March 2021

PTI

India appeals against WTO panel ruling on export incentive schemes

PTI

Exporters seek PM intervention for comprehensive package do deal with COVID crisis

PTI

5 reasons why Maruti, Tata, Honda and Hyundai are very happy with India's Commerce Minister

BI India Bureau

Popular Keywords

Buying Guides