The COVID-19 pandemic has extensively disrupted the constitution and functioning of the entire World. India accounts for 14.4% of the overall number of COVID-19 cases.
In the Digital world, when every industry has come up with the idea of digitizing their platform, the Ministry of Commerce and Industry, Directorate General of Foreign Trade (DGFT) has undertaken an initiative to revamp the delivery of its service mechanisms to boost its foreign trade. As a step towards it, the first phase of Digital platform of DGFT will go live on 13th July 2020 by the department through its website: https://www.dgft.gov.i
In view of the unprecedent current situation arising out of pandemic COVID-19, the Government has decided to continue relief under various export promotion schemes under Foreign Trade Policy 2015-20 (“FTP”). These relief will help industries to boost their trade or business and adding to their cash flows. Several reliefs have been announced to support trade and industry and the points of changes are as follows: The extension of validity period: The Duty Credit Scr
Central Board of Indirect Taxes & Customs had issued a letter dated April 27,2020 regarding guidelines for conduct of personal hearing in virtual mode under Custom Act, 1962 Board has decided that personal hearing may be conducted through video conferencing facility, in respect of any proceeding under Customs Act 1962. The guidelines for the conduct of virtual mode of personal hearing through video conferencing facility are as under: In any proceedings before appell
The CBIC vide Circular No. 17/2020 dated April 3, 2020 on “Measures to facilitate trade during the lockdown period- section 143AA of the Customs Act, 1962” wherein relaxation was given to accept an undertaking in lieu of a bond required during customs clearance upto 30.04.2020, subject to conditions as underlined in the circular. The said circular was issued in the context of lockdown announced by the Government for the period 25.03.2020 to 14.04.2020 due to COVID-19 pandemic. In the backgr
Ministry of Commerce vide Trade Notice No. 03/2020-21 dated 15th April 2020 has come up with the clarification and the specification as to how the MEIS scheme would be replaced with RoDTEP. Following has been the pointers given in the said trade notice:- Even though the entire foreign trade policy has been extended by 1 year upto 31.03.2021 but the MEIS scheme would co
Commissioner of customs has issued a public notice dated April 01,2020 regarding clearance of goods to SEZ- facilitation during lockdown period in view of outbreak of COVID-19. It has been brought to the notice of this office that due to lockdown imposed by the Government in view of outbreak of COVID-19, the Importer / Customs Brokers are unable to submit, duly assessed, duplicate and quadruplicate copies of Bills of Entry. As a measure of trade facilitation, it has been de
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 procedure
On account of lockdown situation in India due to Pandemic Covid-19, the issuance of Certificate of Origin under Comprehensive Economic Cooperation Agreements (CECA), Comprehensive Economic Partnership Agreements (CEPA), Preferential Trade Agreements (PTAs) are temporarily closed and would be issued retrospectively by the concerned Indian agencies after open their offices. Hence, the custom authorities and other competent authorities with whom India has entered trade agreement may allow eligible
The decision was taken after field formations flagged the unavailability of notarised stamp papers for furnishing the bonds that was being faced by importers, exporters and their authorised custom brokers, during the lockdown period. The Board will review the order after April 14, when the nationwide lockdown ends.
New Delhi: The government on Tuesday said banks and select financial institutions have reported frauds of over Rs 1.43 lakh crore during the April-December period of the current financial year. Replying to a question on banking frauds and action taken against fraudsters, Finance Minister Nirmala Sitharaman said the government in 2015 issued a framework for timely detection, reporting and investigation related to large-value bank frauds to public sector banks (PSBs). The framework was issued to
MUMBAI: Banking Sector - The changing technology landscape would challenge the traditional banks with Fintech and Big Data driving growth, but banks would continue to be in a position of primacy in finance with them adopting evolving technologies, Reserve Bank of India Governor Shaktikanta Das has said. Even as technology firms provide the tools for reaching customers and enhancing credit assessments, they would be ‘service providers’ to customers on their own or act as agents of banks, he
GUWAHATI: What is expected to provide impetus to Aadhaar enrollment in Assam, financial inclusion outreach initiative of the public sectors banks, co-operative bank, and rural banks will be held from February 26 to 28. Union Finance minister, Nirmala Sitharaman will attend the outreach initiative on February 27. Aadhaar enrollment in Assam is abysmally low. Sunil Kumar Tandon, chief general manager (CGM) for Northeast India of State Bank of IndiaNSE -1.11 % said, “State Bank alone will set up
NEW DELHI: ?Finance Minister Nirmala Sitharaman's Budget for 2020-21 was light on new structural reforms, Fitch Ratings said on Wednesday adding ?it has not materially altered its forecasts for India's economic growth to rise to 5.6 per cent in the next fiscal from 4.6 per cent in 2019-20. "We believe it is highly unlikely the country's general government debt will be brought within the ceiling of 60 per cent of GDP by FY25, as stipulated in the Fiscal Responsibility and Budget Management Act,"
NEW DELHI: FDI in India - Foreign direct investment (FDI) into the country has increased to USD 284 billion during 2014-19, Finance Minister Nirmala Sitharaman said on Saturday while presenting the Union Budget for 2020-21. "India's FDI got elevated to the level of USD 284 billion during 2014-19 from USD 190 billion that came in during the years 2009-14," she said. The foreign inflows into India grew 15 per cent to USD 26 billion during the first half of the current financial year. Sect
Import duty hike - ASMA had urged government to reduce import duty on primary aluminium to 2.5%, remove duty on scrap, increase duty on downstream products to 20% from 7.5% and remove aluminium from all FTAs to protect the domestic industry from cheap imports KOLKATA: Aluminium Association of India has appealed to the government to increase import duties on aluminium products to curb imports in the interest for both primary and downstream players. In a letter to the princi
India Attractive in Itself - Hong Kong-based private equity group Pacific Alliance Group (PAG) is looking to invest upwards of a billion dollars in India over the next three years to buy out targets, provide growth equity and even structured finance with an eye to fix broken balance sheets of India Inc. “We have been following the economic situation in India for the past 20 years… But the macro-economic conditions are much more improved now. The growth rate has slowed down but is still st
The government on September 14 announced a new scheme - Remission of Duties or Taxes on Export Product (RoDTEP) - that will replace the existing Merchandise Exports from India Scheme (MEIS) in order to boost exports. "The MEIS scheme will continue till December 31. Textile and other sectors that currently enjoy incentives up to 2 percent over MEIS will transit to RoDTEP from Jan 1, 2020," finance minister Nirmala Sitharaman said. The revenue foregone for RoDTEP has been projected to be up to R
This is to update you regarding a CBIC’s circular no 02/2020- Customs dated 10th January 2020 on ‘levy and collection of Social Welfare Surcharge (‘SWS’) on imported goods when the Basic Customs Duty and Additional Duties of Customs are debited through duty credit scrips’ (under various schemes such as Merchandise Exports from India Scheme (MEIS), Services Exports from India Scheme (SEIS), etc. of the FTP). It has been clarified that
NEW DELHI: The government has stayed with the borrowing plan for the fiscal, as announced in the budget, sending a strong signal that it will try and meet the fiscal deficit target despite a sharp cut in corporate tax rate that is expected to cost Rs 1.45 lakh crore. It will borrow Rs 2.68 lakh crore in the second half of the fiscal, having borrowed Rs 4.42 crore in the first half, of the total planned Rs 7.1 lakh crore for FY20, the finance ministry said on Monday. “Rs 2.68 lakh crore borr
Gems and jewellery exports continued its downtrend registering a fall of 14 per cent in August to $2.84 billion against $3.32 billion logged in the same period last year. In rupee terms, exports were down 12 per cent to ? 20,242 crore (? 23,077 crore). The hike in import duty on cut and polished diamond to 7.5 per cent from 2.5 per cent in the Budget to curb round-tripping has impacted gem and jewellery exports as the industry has to pay high duty to bring back the consignments that have b
The last Union Budget was somewhat timid, perhaps, given the growth slowdown, but recent economic policy changes have shown more willingness to respond vigorously to the problem. The current ruling coalition has shown a propensity for bold moves in its attempt to reshape India’s polity and society to match its vision of the nation. The economy has sometimes received similar treatment, with the GST finally being implemented; demonetisation, and public sector bank merger
Import and Export are part and parcel of business. There are several incentive schemes and benefits in India over trade providing an advantage for trading and payments of customs duties. Once duty credit scrips are issued one can avail the benefit of getting a discount while making payment with customs. Some of the common and most availed Export Incentive Schemes and benefits are:-
FM Nirmala Sitharaman said that the new scheme, which will replace Merchandise Exports from India Scheme (MEIS) will incentivize exporters than existing schemes put together. Saturday, September 14, 2019 - 17:34 With GDP growth sliding to six-year low of 5 per cent in April-June quarter and several sectors facing low demand, Finance Minister Nirmala Sitharaman on Saturday announced a fresh set of measures to boost exports and the housing sector. The key measures include extending the sc
Exporter and Importer of any country need to register the company with several authorities, institutions and government scheme. Such registration or policy helps the company to grow continuously without any hurdles in the form of incentives/benefits while conducting export and import trade. IEC (Import Export Code) is a number given by the Director of Foreign trade that is mandatory for importing and exporting goods and services from India.
Service Exports from India Scheme (SEIS) is originated from the Foreign Trade Policy (FTP) 2015-20. In recent time, the SEIS Scheme is a widely-popular concept for the overall industrial development and is passing through various interpretation and associated matters in the department. SEIS benefits have been a lucrative scheme for the service sector industry as a whole, whereby they get additional cash flow for their business growth. Some industries have started adjusting these cash flows in t
The unified nature of Foreign Trade Policy (2015-20) means that you can save some work-days as an exporter due to the combined processes across the department. Apart from exports, the benefits have expanded to smaller auxiliary industries performing exports or manufacturers. They are the one who supplies to exporters with unified input credits, GST refunds and drawbacks coming in place. The main idea was to promote skills India, Make in India, MSME exporters and impact the world trade with wide
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