DGFT could be merged with CBEC for ease of doing business
The Dollar Business Bureau In order to promote ease of doing business, the government is considering a proposal to merge two departments under the Ministry of Commerce, DGFT (Directorate General of Foreign Trade) and the CBEC (Central Board for Excise and Customs). These departments are common to the ministries of finance and commerce, respectively. The proposal assumes importance as a major part of the present work profile of DGFT - the foreign trade policy regulator is going to be online with digitisation and implementation of goods and services tax (GST). The role of the DGFT is facilitation of exports, formulation of foreign trade policy and governs programmes like Merchandise Exports from India Scheme (MEIS), Export Promotion for Capital Goods (EPCG) and Advance Authorisation Scheme. The DGFT ...
CBEC further eases procedures for exporters under EPCG
The Dollar Business Bureau The latest notification by the CBEC reg: Rationalization of procedures in handling exporters obligations under EPCG authorizations- is an instruction with regard to handling exporters obligations under EPCG authorizations, to ensure transparent random selection criteria and selection for 5% check being made at the Joint/Additional Commissioner level and the relevant exporter being invariably informed, on the date of selection itself, via official email communication that his/her case is selected for detailed checks. The CBEC has also asked for speedier methods in the bond cancellation procedure so that the exporter is not asked to routinely produce information that can actually be procured from the Customs EDI system. A detail of the instructions is given in the following points: 1. In the earlier notification - Circular ...
DGFT releases notification clarifying CSP's in EPCG scheme
The Dollar Business Bureau The DGFT released a trade notification no- 18/2016 dated 23rd September, 2016 wherein it includes a list of service providers to be added under the Common Service Providers (CSP) in the Export Promotion Capital Goods (EPCG) scheme. The DGFT has listed service providers or job workers or third party service providers under the EPCG scheme. Citing an example the DGFT says, there may be multiple garment exporters obtaining services at different stages of garment manufacturing (such as knitting, dyeing, compacting, printing, embroidering, labelling, cutting etc.) from a number of other units who own these facilities but do not engage in the export of garments. These job workers will now have the flexibility to not own all the infrastructures ...
Govt bans duty-free capital goods imports for power projects
Euro III compliant motorcycles will be allowed to be imported till March 3, 2017 The Dollar Business Bureau Government has been taking several initiatives under its Make in India programme to enhance the competitiveness of the domestic capital goods market In a move to encourage domestic manufacturing, the government has decided to restrict the duty-free imports of capital goods for generation/transmission of power under the EPCG (Export Promotion Capital Goods) scheme. Authorisation under EPCG scheme shall not be issued for import of any capital goods for generation/transmission of power (including captive plants and power generator sets of any kind), the Directorate General of Foreign Trade (DGFT) said in a notification. The government has been taking several initiatives under its Make in India programme ...
Seetharam Reddy assumes charge as the Jt. Director of DGFT Vijayawada
Jayarama Emani | The Dollar Business As reported in The Dollar Business on February 27, 2015 (https://in.thedollarbusiness.com/news/seetharam-reddy-likely-to-be-the-new-joint-director-of-dgft-vijayawada/15134), G Seetharam Reddy, assumed charge as the Joint Director of DGFT (Directorate General of Foreign Trade), Vijayawada. Reddy participated in a panel discussion on “An overview of Foreign Trade Policy 2015-20 – Its impact on Pharma Sector,” here in Hyderabad on April 15, 2015. The event was organised by the Pharmaceuticals Export Promotion Council of India (Pharmexcil). Speaking exclusively to The Dollar Business, Reddy said, “It is good to be back in the home State after 13 years and that too being away from DGFT for the last five years.” The Joint Director who belongs to the Indian Trade Services (ITS) Batch ...
Implementation of EPCG Scheme under FTP 2015-2020
Dated April 1, 2015 | Notification No. 16/ 2015 – Customs | G.S.R. 252 (E) - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in the Table 1 annexed hereto, from,- (i) the whole of the duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), and (ii) the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act, when specifically claimed by the importer. ...
'Sabka Saath Sabka Vikas', but not worth the delay
Shakti Shankar Patra | The Dollar Business If one were to react to Modi Sarkari’s new Foreign Trade Policy in one word, it has to be ‘Good’. Not excellent, definitely not. But if the question were if it was worth the delay of almost a full year, the answer would be unequivocally ‘No’. It simplifies processes and procedures for exporters, gives incentives to services exporters that they always deserved and encourages the domestic manufacturing industry, but it doesn’t bring to table anything that can be termed a game changer. Let’s talk a bit more it detail. Merchandise exports have always been incentivised in India. But those incentives used to be provided under a plethora of schemes. What the ...
Tax reforms, changes in import duties among FIEOs recommendations to government
The Dollar Business Bureau In an attempt to clarify its stand on the requirements of the export community of India, the Federation of Indian Export Organisation (FIEO) has laid out its recommendations and complaints to the Finance Ministry. In a meeting with Arun Jaitley, Finance Minister, today, Rafeeque Ahmed, President, FIEO, said that the government should remove the National Calamity Contingent Duty (NCCD) on crude oil imports in order to support petroleum product exports which account for over 19% of India’s total exports. “Removal of this duty on imports under advance licenses, which only earns the Government a sum of less than Rs.100 crore per annum, will lead to improving the competitiveness of Indian exports,” he said. The FIEO chief ...
