'Foreign Trade Policy review by July 1 GST rollout'
The Dollar Business Bureau The Commerce Ministry will finish the mid-term review of Foreign Trade Policy (FTP) earlier than expected so that it would coincide with the rollout of Goods and Services Tax (GST) on July 1, said a senior official on Tuesday, while adding that exporters have asked for policy incentives to boost exports. “The objective of the meeting was to seek inputs for the review of FTP to coincide with the launch of GST. Exports have made a revival and they need support so that it continues to grow,” Commerce Secretary Rita Teaotia told reporters on the sidelines of Board of Trade meeting. The second reconstituted Board of Trade meeting was chaired by Commerce and Industry Minister Nirmala Sitharaman. Besides, officials from Revenue and ...
Lanco Infratech reports net loss of Rs 813-cr in Oct-Dec
The Dollar Business Bureau Lanco Infratech on Tuesday reported a net loss of Rs.813.66 crore during October-December 2016-17, dragged down by a decline in its operational income. The company had registered a net profit of Rs.35.48 crore during the same period in 2015-16. Lanco Infratech announced in a BSE filing that the company’s total operational income slumped to Rs.1,740.31 crore during the third quarter of the current financial year, from Rs.2,168.48 crore during a year ago period. Lanco Infratech has operations across five sectors: engineering procurement and construction (EPC), infrastructure and property development, natural resources, power and solar. The company’s power (66%) and EPC (12%) sectors together contribute to 78% of its gross revenues. Its total outstanding receivables were Rs.1,396.70 crore ...
2.92 Criteria for EPCs as Registering Authorities
2.92 Criteria for EPCs as Registering Authorities In order to make the EPCs truly democratic and participative in nature and for better governance and transparency, the criteria for them to function as Registering Authority are being laid down as under: (a) e-Voting: Electronic Voting would be mandatory for election to the posts of Vice Chairman/Vice President and Executive Committee members with a view to ensuring wider participation. (b) Tenure of Elected Heads: The tenure of an elected head shall not be for more than two years. The election of Chairman/President of the EPC shall be via Vice Chairman/Vice President route. However, any member having held the post of Chairman/President and/or Vice Chairman/Vice President may come back as Vice Chairman/Vice President ...
Two institutions proposed to address exporters' grievances: Minister
The Dollar Business Bureau The government has proposed two institutional mechanisms for addressing issues of exporters and for regular communication with stakeholders, said Commerce Minister Nirmala Sitharaman. The minister informed the Lok Sabha on Friday that the ‘Board of Trade’ will have an advisory role and offer a platform for discussions and consultation while the other institution, ‘Council for Trade Development and Promotion’, will act as a body to representatives of the central government and various states and union territories governments. Meanwhile EPCs and other industry bodies like FIEO, etc, will be continued as specialised institutions. “Product/sector specific export promotion councils and various industry and trade bodies will continue to be the specialised institutions available for consultation from time ...
