Indian export control regime revamped; overhaul of SCOMET list
By Ranjeet Mahtani, Suhasini Joshi & Darshan Bora Globally, export control regimes are designed to control the export of dual-use goods and technologies which can be used in both - civilian as well as military applications. Among other things, export control regulations involve subjecting exports of specified items to prior authorization / licensing. The objective is to prevent illegitimate trade in such dual-use items and control the export of products to countries that are considered as a national threat. Recent overhaul of Indian SCOMET list The Indian Export Control regulations have been significantly overhauled by the Directorate General of Foreign Trade (DGFT) with effect from May 1, 2017. The amendments seek to revise the Special Chemical, Organisms, Materials, Equipment and Technologies category (SCOMET) ...
Extension of TVoA scheme to enhance India-China tourism co-operation
The Dollar Business Bureau In a move towards enhancing tourism cooperation with China, the Government of India expressed its willingness to extend the Tourist Visa on Arrival (TVoA) scheme to China. The statement to this effect was made by Mahesh Sharma, Union Minister of Tourism, Government of India, on Wednesday. A six-member Chinese delegation led by Wang Zuoan, Minister of Religious Affairs of China, was in New Delhi on Wednesday, where they discussed the exchange of culture, among other issues, for enhanced cooperation with India. Welcoming the delegation, the Indian Minister said that India is keen to further its relation with China and is exploring the possibility of extending the TVoA scheme to China, in this background. Responding to the ...
Lack of trade finance can be a barrier for Afro-Asian nations
The Dollar Business Bureau “Lack of development in the financial sector can be a significant barrier to trade,” says Roberto Azevêdo, Director-General, World Trade Organization (WTO). Speaking on the sidelines of a seminar “Trade Finance in Developing Countries,” the WTO official referred to a recent WTO Secretariat paper that showed trade financing gaps are “the highest in the poorest countries, notably in Africa and Asia”. Up to 80% of global trade is supported by some form of financing or credit insurance. Yet in many countries there is a lack of capacity in the financial sector to support trade, and also a lack of access to the international financial system. Therefore the ability of these countries to use simple instruments ...
Dispatching documents/authorisations by speed post
Dated 9th December, 2014 | Copy of | Trade Notice No.4/2014-15 | To facilitate trade, It is herewith decided that in case of non-availability of I-Card, if the party submits request to this office for dispatch of documents/authorizations by Speed Post, the same would be dispatched within one working day from the date of receipt of the request from the applicant. Issued by: Office of the Additional Director General of Foreign Trade Mumbai
FIEO proposes $750 billion export target for FY2018-19 in Indias new FTP
The Dollar Business Bureau | @TheDollarBiz The Federation of Indian Export Organisations (FIEO) has proposed an export target of $750 billion by FY2018-19 co-terminus with the new five year Foreign Trade Policy (FTP) that the Indian government is expected to announce later this month, Ajay Sahai, Director General & CEO FIEO, told The Dollar Business. Ajay Sahai, Director General & CEO, FIEO He added that FIEO is of the view that a long term target should be fixed rather than annual targets and after fixing the target, the government should review it on an annual basis and put in place any mid-course corrections if required to stay on track. In the last FTP (2009-2014), the government had set an export ...
