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Foreign Trade Policy,
2009-14
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Outline Of Presentation
Indias Foreign Trade
Current Economic Crisis
Foreign Trade Policy Components andSchemes
Foreign Trade Policy New Initiatives
Role of CAs in trade facilitation as in FTP
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Indias Foreign Trade
In the last five years, robust growth in merchandiseexports
From US$ 63 billion in 2003-04 to US $ 185 billion in
2008-09.
Share of global trade (WTO estimates):
2003 2008
Merchandise trade 0.83% 1.45%
Commercial Servicesexports
1.4% 2.8%
Goods & Services Trade 0.92% 1.64%
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Indias Foreign Trade
Exports & Imports(Figures in US$ billion)
Year ExportTarget
ActualExport
%
Growth
Imports %Growth
2004-05 75 83.53 30.8 111.52 42.7
2005-06 100 103.09 23.4 149.17 33.8
2006-07 125 126.26 22.5 185.60 24.4
2007-08 160 162.90 29.0 235.9 27.0
2008-09 175(Revised)
185.29 13.6 287.76 14.3
2009-10
(April-Oct09)*
91.05 146.77
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Impact on Indian Exports(Figures in US$ billion)
Period 2007-08* (US $Billion)
2008-09**(US $ Billion) Increase(+) / Decrease (-)
April- Sept. 73.558 108.907 + 48.1
October 14.675 14.131 -3.7
November 12.909 11.163 -13.5
December 14.625 13..368 -8.6
January 2009 14.889 12.869 -13.6
February 15.221 11..941 -21.5
March 17.254 12..916 -25.1
April 08 to March 09 163.13 185.295 +13.6
Month 2008-09@ 2009-10 Increase(+) / Decrease (-)
April 2009 18.460 11.909 -35.5
May 18.687 11.368 -39.2
June 19.181 13.059 -31.9
July 19.030 13.623 -28.4
August 17.759 14.289 -19.5
September 15.789 13.608 -13.8
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DECLINE IN EXPORTS
Impact on Indian exports:Suffered a decline in the last 11 months since October 2008.
April - September 2009 exports show a decline of 28.5% (in $ terms)and 18.6% (in Rupee terms) vis--vis last year.
Employment intensive sectors have been severely affected.
Tea (-37.2%), Spices (-27.8%), Cashew (-27.5%), Oil-meals (- 42.9%)Iron-ore (-29.5%), Leather and Leather Manf. (-26.6%),Gems & Jewellery (-28%), Basic Chemicals (-26.9%),
Engineering Goods (-32.1%), Electronic Goods (-32.2%).Cotton Yarn /Fabrics /Made-ups (-31.5%), Jute Mfg. incl. Floor Covering(-39.8%), Carpets (-29.8%), Handicrafts (-29.8%),Petroleum Products (-43.1%), Plastics & Linoleum (-23.2%).
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REASONS FOR EXPORT DECLINE
Major Hurdles faced by Indian Exporters:
Unprecedented Rupee Appreciation by about 12% in the year 2007-08;
Global Economic Slowdown and Recession in Developed
Economies during 2008-09 and its impact. High Interest Rates Non-availability of trade credit Withdrawal of GSP Benefits by US on certain products such as
Gems and Jewellery items, certain leather products etc. Ban on exports of certain food products since 2007. High Incentives provided by some of the countries like China,
Bangladesh etc.
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Apprehension of severe downturn in
November 2008
Series of stimulus measures announced
o Fiscal incentives
o Monetary liberalization
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MEASURES TAKEN BY GOVT. AND RBI
Measures taken by the Government: Interest subvention of 2% extended till 31.3.2010, to labour
intensive sectors for exports:- Textiles (including Handlooms),Handicrafts, Carpet, Leather, Gems & Jewellery, Marine
Products and SMEs; Continuation of Duty Entitlement Passbook (DEPB) Scheme
upto 31st December, 2010;
Restoration of DEPB rates for all items where they werereduced in November, 2008 and increase in Duty Drawback
rates on certain items effective from 1st September, 2008; DEPB and Freely transferable Incentive Schemes allowed
without the initial requirement of BRC;
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Stimulus package Key features
CENVAT reduced from 14 per cent to 8 per cent
Service tax reduced from 12 percent to 10 per cent
Additional Plan expenditure for critical rural & infrastructure schemes
Monetary policy measures Repo rate reduced from 9 percent to 4.75 per cent
Reverse repo rate reduced from 6 per cent to 3.25 percent
CRR reduced from 9 percent to 5 percent
Large program for construction of affordable housing announced
Assistance under the JNNURM for the purchase of buses for theirurban transport systems.
Accelerated depreciation of 50 percent for commercial vehicles Removal of ban on Government departments for replacement of
vehicles
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MEASURES TAKEN BY GOVT. AND RBI(Contd)
Back-up guarantee of Rs.350 crores made available toECGC to provide guarantees for exports to difficult markets /products;
Additional funds of Rs 350 crore provided to cover handicraftitems etc. in Vishesh Krishi and Gram Udyog Yojana(VKGUY);
Market Linked Focus Product Scheme extended for bicycleparts, Motor Cars and Motor Cycles, Apparels and Clothingaccessories, Auto Components etc.
Additional Rs 1100 crore provided to ensure full refund ofclaims of CST / Terminal Excise duty /Duty drawback.
Additional funds of Rs 1400 crore provided for textile sectorto clear the backlog claims of TUF;
Export duty on iron ore fines eliminated, and for lumps,reduced to 5%;
Some pending issues relating to Service Tax refund onexports resolved.
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MEASURES TAKEN BY GOVT. AND RBI(Contd)
A Committee constituted under the Chairmanship ofFinance Secretary to fast track resolution of proceduralissues. Secretaries of Department of Revenue andCommerce other Members of the Committee;
Measures taken by RBI: Increase in Liquidity to the banks for improving credit flow by
reduction of CRR from 9% to 5%, SLR reduced from 25% to 24%;Repo rate from 7.5% to 4.75% and Reverse Repo rate from 6% to3.25%.
Refinance facility to the EXIM Bank for Rs. 5000 crores forproviding pre-shipment and post-shipment credit.
Increase in FOREX Liquidity
Easing of Credit Terms by Enhancing the period of pre-shipment and post-shipment Rupee Export Credit by 90 dayseach, Increasing the time period of export realization for non-
status holder exporters to 12 months etc.
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Indias Foreign Trade
Major Export Destinations
Country 2008-09
($ bn) % share in Total
1 USA 19.7 12%
2 United Arab Emirates 17.8 11%
3 China 8.5 5%
4 Singapore 7.6 5%
5 Hong Kong 6.4 4%
6 United Kingdom 6.2 4%7 Germany 5.9 4%
8 Netherlands 5.9 4%
9 Saudi Arabia 4.8 3%
10 Belgium 4.3 3%
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Indias Foreign Trade
Major Import CommoditiesCommodity 2008-09
($ bn)
% share in Total
1 Petroleum, Crude and products 93.1 32.36%
2 Machinery, Electrical and non-electrical 24.3 8.44%
3 Electronic goods 21.5 7.48%
4 Gold and silver 19.5 6.76%
5 Fertilizer, crude and manufactured 13.6 4.72%
6 Pearls, precious and semi-precious 12.8 4.44%7 Organic and inorganic chemicals 12.8 4.43%
8 Coal, coke and briquettes 10.5 3.64%
9 Iron & Steel 9.5 3.30%
10 Metaliferrous ores and metal scrap 8.3 2.89%
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Foreign Trade Policy 2009-14
Short Term Objectives:
To arrest and reverse the declining trend of exports; and
To provide additional support to those sectors which have been hit badlyby recession in the Developed World.
Medium term Policy Objectives :
To achieve an Annual Export growth of 15% with an Annual ExportTarget of US$ 200 billion by March 2011.
To achieve an Annual Export growth of around 25% by 2014.
To double Indias exports of goods and services by 2014.
Long Term Objective :
To double Indias share in Global Trade by 2020.
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Foreign Trade Policy 2009-14New Initiatives
Strategies
Stable Policy environment
Fiscal incentives Diversification of export markets
Procedural rationalization
Institutional changes
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Foreign Trade PolicyComponents and schemes
Import / Exports controls
Schemes for Duty Exemption/Remission
Promotional Measures/ Incentive Schemes
Technological Upgradation
Deemed Exports
Export Oriented Units (EOUS), Electronics Hardware TechnologyParks (EHTPS), Software Technology Parks (STPS) and Bio-Technology Parks (BTPS)
Special Economic Zones
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Foreign Trade PolicyImport / Export Controls
Exports
Controls primarily on account of security, public health, publicmorals, exhaustible resources and environment grounds.
Prohibited items - 59 Restricted items - 155
State Trading Items - 12.
Restrictions fall under two Categories
Dual Use Items (SCOMET items) Special provision for theseitems under Weapons of Mass Destruction Act, 2005.
General Trading Items - Export Facilitation Committee looks intoapplications for license for these items.
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Foreign Trade PolicySchemes for Duty Exemption/Remission
Principle - Goods and Services are to be exported and not the Taxes and
Levies.
Purpose: Procure inputs and capital goods without the component of
Central Indirect Taxes & Levies
Pre Export Schemes :
1. For Inputs: Advance Authorisation Scheme
Duty Free Import Authorisation (DFIA) Scheme
Schemes for Gems & Jewellery Sector
2. For Capital Goods: Export Promotion Capital Goods (EPCG) Scheme
Post Export Schemes : Duty Entitlement Pass Book (DEPB)
Duty Drawback Scheme
Terminal Excise Duty (TED) Refund
F i T d P li
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Foreign Trade PolicySchemes for Duty Exemption/Remission
Advance Authorization Scheme
For making available duty free Inputs required to manufacture the exportproduct.
Inputs allowed as per Standard Input Output Norms and with Actual Usercondition
Facility available for Physical exports (including supplies to SEZ units & SEZDevelopers), deemed exports and Intermediate supplies.
Minimum 15% V.A.
Time period for import & export
Penalty clauses
2008-09 19,146 authorizations issued for CIF value of Rs. 1,04,333 crores
F i T d P li
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Foreign Trade PolicySchemes for Duty Exemption/Remission
Duty Free Import Authorisation (DFIA)Scheme made operational from 1.5.06.
This was introduced to facilitate transfer of theauthorisation or the inputs imported, once export is
completed Minimum 20% value addition stipulated. Based on SION 22 sensitive items Validity similar to advance authorisation Sectors availing
2008-09 3,815 authorizations issued for CIF value ofRs. 8,779 crores
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Foreign Trade PolicySchemes for Duty Exemption/Remission
Gems & Jewellery Scheme
Duty Free Procurement of precious metal (Gold
/ Silver / Platinum) from the nominated agencieseither in advance or as replenishment.
Duty Drawback scheme notified
Duty Free Import of Consumables for exportproduction upto a specified percentage of FOBvalue of previous years export.
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Vishesh Krishi and Gram Udyog Yojana
(VKGUY) Focus Market Scheme (FMS)
Focus ProductScheme(FPS)
Market Linked Focus Product Scheme(MLFPS)
Served From India Scheme (SFIS)
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Foreign Trade PolicyPromotional Measures/ Incentive Schemes
Vishesh Krishi & Gram Udyog Yojana (VKGUY) To promote exports of:
(i) Agricultural Produce and their value added products;(ii) Minor Forest Produce and their value added variants;
(iii) Gram Udyog Products;(iv) Forest Based Products; and(v) Other Products, as notified from time to time.
VKGUY benefits are granted with an aim to compensate high transportcosts, and to offset other disadvantages.
Duty Credit Scrip benefits, at 5% of FOB value of exports; Lower rateof 3% when specific DEPB/ Drawback more than 1% /Advance
Authorisation benefit availed; Additional 2% provided for a few items.
2008-09 - Duty credit scrips issued under VKGUY Rs.2676 crores
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Focus Market Scheme
Objective is to offset high freight cost and other externalities to selectinternational markets with a view to diversify the markets and to enhanceIndias export competitiveness in these countries.
Currently 109 markets have been notified;
Exports of all products (except some in-eligible items / categories) tonotified countries entitled for Duty Credit Scrips equivalent to 3 % of FOBvalue of exports.
Pre realisation & post realisation Validity
Utility
2008-09 - Duty credit scrips issued under FMSRs.347 crores
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Focus Product Scheme
Objective is to incentivise export of such products which have highexport intensity / employment potential, so as to offset infrastructureinefficiencies and other associated costs involved in marketing ofthese products.
Exports of notified products to all countries entitled for Duty Creditscrip equivalent to 2 % of FOB value of exports.
Currently over 1000 Products (at 8 digit level) covered under FPS.
Validity Utility
2008-09 - Duty credit scrips issued under FPS Rs 215 crores.
Market Linked Focus Product
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Market Linked Focus ProductScheme (MLFPS)
To promote exports of products of high export intensity butwhich have a low penetration in countries;
Export of Products/Sectors of high export intensity /employment potential (which are not covered underpresent FPS List) would be incentivized at 2 % of FOBvalue of exports.
Validity
Utility
Currently over 1550 products (at 8 digit level) coveredunder MLFPS.
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Served From India Scheme (SFIS)
To accelerate growth in export of Services to create apowerful and unique Served from India Brand;
All service providers (except a few ineligible sectors /services) entitled to duty credit scrips equivalent to 10 %of free foreign exchange earned during the year;
Validity Utility
Actual User
2008-09 785 SFIS scrips issued for duty credit worthRs.736 crores.
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Export Promotion Capital goods Scheme(EPCG)
Status Holders Incentive Scrip (SHIS)
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Import of capital goods for modernization and technological upgradation at a concessionalimport duty of 3% and at Zero duty for certain export sectors (against normal basiccustoms duty of 5% to 7.5%)
Zero Duty Scheme valid for specified sectors and till 31.3.2011.
Export obligation:Block-wise E.O. monitoring;Specific E.O.:- Subject to export obligation of 8 times duty saved over 8 years (3% dutyscheme) and 6 times duty saved over 6 years (zero duty scheme); Exceptions for Smallscale, tiny industries, agri sector etc.Average E.O.:- Exemption to certain sectors.
E.O. extension: EPCG committeePhysical, deemed and Third party exports
Penalty clauses 2008-09 - 19,931 authorisations issued for duty saved amount Rs.17,038 crores
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Status Holders Incentive Scrip
With an objective to promote investment forupgradation of technology of specified sectors
Status Holders shall be entitled to incentive scrip@1% of FOB value of exports in those sectorsmade during 2009-10 and during 2010-11, in the
form of duty credit scrip.
Mutually exclusive with EPCG
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EOUs are permitted for manufacture of goods includingrepair, remaking, reconditioning, re-engineering andrendering of services. Trading activity is not permitted.
Duty free imports of all inputs.
Exemption from Income Tax under Section 10 B(presently extended till 31.3.2011.)
Refund of Central Sales Tax (CST) paid on supply ofgoods from Domestic Tariff Area (DTA) to EOU.
50% of FOB value of exports allowed to be sold in theDTA on payment of concessional duty (50%).
EOUs have to be a positive net foreign exchange earner.NFE is to be achieved cumulatively in a block of 5 years.
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Deemed Export Drawback / Terminal ExciseDuty Refund
Supply of goods manufactured by Domestic Units tocertain authorisation holders / recognised projects whichare otherwise entitled for Duty Free Imports.
Purpose is:
Import Substitution.
Benefits available in the form of: Advance Authorisation / DFIA;
Deemed Export Duty Drawback and TED Refund.
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Agreement on Subsidies and CountervailingMeasures
Prohibited subsidies:a) Contingent upon export performanceb) Contingent upon the use of domestic over
imported goods (Import Substitution Subsidy)--.
Exception: Foot note 61 of Annex IIto theagreement: Exemption or remission of duty (Indirecttax) on the inputs (which are physically incorporated)orOil, fuel, energy, catalyst used in the exportproduction permitted.
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Agreement recognises the important role of subsidies ineconomic development of developing countriesand
transformation of centrally planned economiesto marketconditions.
Least developed countries and developing countries
having less than US$ 1000 per capita GNPare exemptedfrom discipline of prohibited subsidies.
PROHIBITED SUBSIDIES:(Exceptions)
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--Prohibition not applicable to ANNEX VII countrieswhich includes India provided Export
Competitiveness in a product not reached;(Export CompetitivenessExport of the productreached a share of at least 3.25% in world trade ofthat product for two consecutive calendar years
Phase out over a period of 8 years)
--However export subsidies granted by ANNEX VIIcountries can be subject to countervailing duty
action.
ASCM and DISCIPLINE ON EXPORT SUBSIDIES-Export subsidies generally prohibited
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Electronic Data Interchange (EDI) Initiatives
One of the first Government Departments toenable online processing of applications.
DGFT website updated on daily basis. All DGFT Offices computerised and networked
to the DGFT NIC Server.
Applications for Export / Import are made onlinewith digital signature and Electronic FundTransfer Facility.
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Foreign Trade Policy 2009-14New Initiatives
Higher Support for Market and ProductDiversification
26 new markets added under FMS(16 in Latin America, 10 in Asia-Oceania)
Incentive under FMS raised from
2.5% to 3%.
Incentive under FPS raised from
1.25% to 2%.
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Foreign Trade Policy 2009-14New Initiatives
Higher Support for Market and Product Diversification (contd.)
New products under FPS - Engineering products Plastic (value addedproducts), Jute and Sisal products, Technical Textiles, Green Technologyproducts Project goods, vegetable textiles and certain Electronic items.
New products/markets under MLFPS - Pharmaceuticals, Synthetic textilefabrics, value added rubber products, value added plastic goods, textilemadeups, knitted and crocheted fabrics, glass products, certain iron and steelproducts and certain articles of aluminium among others. Benefits to theseproducts will be provided, if exports are made to 13 identified markets (Algeria,Egypt, Kenya, Nigeria, South Africa, Tanzania, Brazil, Mexico, Ukraine,Vietnam, Cambodia, Australia and New Zealand).
The above markets also included for existing products i.e. Auto Components,Motor cars, Bicycles & Parts, Apparels.
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Foreign Trade Policy 2009-14New Initiatives
Stability/ continuity of the Foreign TradePolicy
DEPB Scheme extended beyond 31-12-2009 till 31.12.2010.
Interest subvention of 2% for pre-shipment credit for 7 specifiedsectors has been extended till 31.3.2010 in the Budget 2009-10.
Income Tax exemption to 100% EOUs and to STPI units underSection 10B and 10A of Income Tax Act, has been extended for thefinancial year 2010-11 in the Budget 2009-10.
The adjustment assistance scheme initiated in December, 2008 toprovide enhanced ECGC cover at 95%, to the adversely affectedsectors, is continued till March, 2010.
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Foreign Trade Policy 2009-14New Initiatives
Gems & Jewellery Sector
To neutralize duty incidence on gold Jewellery exports,Duty Drawback to be allowed.
A new facility for import on consignment basis of cut &polished diamonds for the purpose of grading/ certificationpurposes has been introduced [Branch of GemologicalInstitute of America (GIA) at Mumbai has been notified for
the purpose].
In an endeavour to make India a diamond internationaltrading hub, plans are to establish Diamond Bourse (s).
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Foreign Trade Policy 2009-14New Initiatives
Pharmaceutical Sector
Pharma sector extensively covered under
MLFPS for countries in Africa and Latin America;some countries in Oceania and Far East.
Export Obligation Period for advance
authorizations issued with 6-APA as inputincreased from the existing 6 months to 36months.
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Foreign Trade Policy 2009-14New Initiatives
Agriculture Sector
To reduce transaction and handling costs,a single window system to facilitate exportof perishable agricultural produce hasbeen introduced. The system will involve
creation of multi-functional nodal agenciesto be accredited by APEDA.
2009 1
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Foreign Trade Policy 2009-14New Initiatives
Thrust to Value Added Manufacturing
Coverage of Project Exports and a large number
of manufactured goods under FPS and MLFPS.
To encourage Value Added Manufactured
export, a minimum 15% value addition onimported inputs under Advance AuthorizationScheme has now been prescribed.
F i T d P li 2009 14
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Foreign Trade Policy 2009-14New Initiatives
Flexibility provided to exporters
Payment of customs duty for Export Obligation (EO) shortfall allowedthrough debit of Duty Credit scrips. Earlier the payment was allowed in cashonly.
Import of restricted items, as replenishment, shall now be allowed againsttransferred DFIAs.
Time limit of 60 days for re-import of exported gems and jewellery items, forparticipation in exhibitions extended to 90 days in case of USA.
Transit loss claims received from private approved insurance companies inIndia allowed for the purpose of EO fulfillment, as against only public sectorgeneral insurance companies earlier.
F i T d P li 2009 14
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Foreign Trade Policy 2009-14New Initiatives
Simplification of Procedures Exemption from payment of excise duty up to two stages rather than refund,
for supply against advance authorisation. Earlier, exemption was allowed uptoone stage only.
Greater flexibility for conversion of Shipping Bills from one Export Promotion
scheme to other scheme. Customs shall now permit this conversion withinthree months, instead of one month stipulated earlier.
Regional Authorities authorised to issue licences for import of sports weaponsby renowned shooters, on the basis of NOC from the Ministry of Sports &Youth Affairs.
The procedure for issue of Free Sale Certificate has been simplified and thevalidity of the Certificate has been increased from 1 year to 2 years.
Automobile industry, having their own R&D establishment, would be allowedfree import of reference fuels (petrol and diesel), upto a maximum of 5 KL perannum.
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Details available in the site:
Department of commerce:http://commerce.nic.in
DGFT: http://dgft.gov.in
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Thank You