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Amendments in Foreign Trade Policy due to Covid-19 outbreak

In the wake of Covid-19 outbreak, Directorate General of Foreign Trade has issued some major amendments in FTP with their immediate effect.

  • As the pandemic Covid-19 shakes the world, the central Government has makes amendments in the FTP 2015-20. The present policy, which came into force on April 1 2015, had five year validity upto March 31, 2020 has been extended by one year with their validity upto March 31, 2021 alongwith extending the related handbook of procedures.
  • The benefit under all export promotion schemes except SEIS and other schemes, will continue to be available for another 12 months. The decision on the continuation of SEIS will be taken and notified subsequently.
  • Under SEIS scheme, the service rendered w.e.f. 1st April 2019 to 31st March 2020, the categories eligible and their rates of reward on such services will be notified soon in Appendix 3X.
  • The last date for filing SEIS application for FY 2018-19 has been extended by 9 months i.e. upto 31.12.2020.
  • The last date for submission of application, for the purpose of late cut as mentioned in para 9.02, would be taken as extended.
  • In para 3.15(a) of Handbook Procedure (HBP), MEIS application shall be filed within a period of 15 months instead of 12 months for the shipping bills falls during the period 01.02.2019 to 31.05.2019.
  • For DFIAs and Advance Authorisation scheme, the validity of import which expiring between 01.02.2020 and 31.07.2020 stand automatically extended by 6 months for the date of expiry.
  • Under EPCG scheme, the capital goods which are imported for physical exports exempt from IGST and compensation cess upto 31.03.2020 which shall now be extended to one year. The same extension is applicable for Export Oriented Units (EOU).
  • Under EPCG scheme, the Authorisation Licence shall be valid for import for 24 months from the date of issue of Authorisation. In recent changes, the validity period for imports which expires between 01.02.2020 and 31.07.2020 stand automatically extended by 6 months for the date of expiry.
  • The validity for status holder has been extended by one year enabling them to avail the specified benefits.
  • All such LOPs/LOIs granted to EOU units in STPs/EHTPs/BTPs whose validity included extended validity expires on or after 31st March 2020 may be valid upto 31st December 2020.
  • For all Advance Authorisation where export obligation is expiring between 01.02.2020 and 31.07.2020 stands automatically extended by 6 months from date of expiry.
  • The last date of filing applications for refund of TED/Drawback, Transport and Marketing Assistance has been extended to 30th September 2020.
  • Some of the amendments has been made in form appendix 6E & 6H by giving relaxation with timelines.
  • The validity of Registration cum Membership Certificate (RCMC) has been extended till 30th September 2020 where the RCMCs has expired on or before 31st March 2020.

(The above amendments have been issued via vide Notification no. 57/2015-20, Public Notice no. 67/2015-20, and Trade Notice no. 60/2019-20 dated 31.03.2020)  

 

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