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) ...
RoSL on garments exports to continue at pre-GST rates for 3 months
The Dollar Business Bureau The Finance Ministry on Wednesday notified the continuation of pre-GST rates of Rebate of State Levies (RoSL) on the export of garments and textile made-up articles for the transition period of three months after the implementation of the new tax regime. “It is to bring to your notice that Ministry of Textiles has issued notification no. 12020/3/2016-IT (Pt.) dated July 31, 2017 restoring the pre-GST RoSL rates that were revised downwards with effect from July 1, 2017. This has been made effective for a transition period of three months i.e. July 1 to September 30, Central Board of Excise and Customs (CBEC) in its circular (no.34/2017-CUS). Earlier, post-GST, the CBEC in a notification (no.14/26/2016-IT) dated June 27, had revised ...
Review of FTAs key concern for govt
Commerce and Industry Minister Nirmala Sitharaman held a meeting with export promotion bodies and took note of the adverse impact of FTAs The Dollar Business Bureau Representatives of 11 export promotion councils (EPCs) and export development authorities, APEDA and MPEDA, discussed the current trend and issues faced by exporters The government has said that it is in the process of reviewing the free trade agreement (FTA) with ASEAN and other such pacts including RCEP (Regional Comprehensive Economic Partnership) to improve Indias exports. Commerce and Industry Minister Nirmala Sitharaman held a meeting with the chairpersons of export promotion councils on Tuesday and took note of the adverse impact of FTAs on the countrys foreign trade. Representatives of 11 export promotion councils (EPCs) and export development ...
Indian government to establish development agency in Kashmir to boost saffron exports
The Dollar Business Saffron is the most expensive spice in the world and is in great demand in the Middle East and Southeast Asia for its culinary and medicinal uses India’s Ministry of Commerce has approved the formation of the Saffron Production & Export Development Agency (SPEDA) to help boost development and promotion of saffron from India. Currently, saffron is counted among other spices in India and falls under the purview of the Spices Board of India. The move to set up an exclusive agency for saffron is expected to address numerous challenges that saffron farmers and exporters face in the valley, which is the main producing region of saffron in India. “The project will benefit all saffron farmers of ...
