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Key Takeaways of the Foreign Trade Policy 2015-2020

Customs - Import - Export - SEZ - By: - Bimal jain - Dated:- 4-4-2015 - Dear Professional Colleague, Foreign Trade Policy 2015-20 Unveiled: Aiming to nearly double India s exports of goods and services to USD 900 billion by 2020 Commerce and Industry Minister Mrs. Nirmala Sitharaman unveiled the Prime Minister Mr. Narendra Modi-led government's new Foreign Trade Policy, 2015-2020 ( FTP ) on April 1, 2015 at the Vigyan Bhawan, Delhi, thus laying down a road map for India s global trade engage .....

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he key takeaways of the FTP: SIMPLIFICATION and MERGER OF REWARD SCHEMES Five different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY) merged into single unconditional scheme named as Merchandise Export from India Scheme ( MEIS ). Further, Rewards for export of notified goods to notified markets under MEIS shall be payable as percentage of realized FOB value (in free foreign exchange). The debits towards Basic .....

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oups, whereas the rates of rewards under MEIS range from 2% to 5%. Under SEIS the selected services would be rewarded at the rates of 3% and 5%; There would be no conditionality attached to any scrips issued under these schemes. Duty credit scrips issued under MEIS and SEIS and the goods imported against these scrips are fully transferable and usable for payment of Custom duty, Excise duty and Service tax. In order to give a boost to exports from SEZs, Government has now decided to extend bene .....

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has been changed to One, Two, Three, Four, Five Star Export House. Further, the criteria for export performance for recognition of status holder have been changed from Rupees to US dollar earnings. BOOST TO MAKE IN INDIA To incentivise 'Make in India' theme the FTP proposes to reduce export obligations if Capital goods under EPCG Scheme are procured from indigenous manufacturers (only 75% in place of 90%); Higher level of rewards under MEIS for export items with high domestic content .....

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Regional Authorities (RA), saving paper as well as cost and time for the exporters. In this regard, to start with, applications under Chapter 3 and 4 of FTP are being covered. Applications under Chapter-5 would be taken up in the next phase; Landing documents of export consignment as proofs for notified market will be digitally uploaded; Online inter-ministerial consultations for approval of export of SCOMET items, Norms fixation, Import Authorisations, Export Authorisation, in a phased manne .....

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s in Exporter/Importer Profile, Online applications for refunds, Online message exchange with CBDT and MCA etc., Forthcoming e-Governance Initiatives: In this context, Directorate General of Foreign Trade (DGFT) is currently working on various Electronic Data Interchange initiatives like Message exchange with CBDT for PAN, Message exchange with Ministry of Corporate Affairs for CIN and DIN etc,. D. OTHER NEW INITIATIVES Some of the new initiatives for EOUs, EHTPs and STPs are: EOUs, EHTPs, S .....

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uipment/goods for training purposes; 100% EOU units have been allowed facility of supply of spares/ components up to 2% of the value of the manufactured articles to a buyer in domestic market for the purpose of after sale services; Export obligation period for export items falling in the category of defence, military store, aerospace and nuclear energy shall be 24 months from the date of issue of authorization or co-terminus with contracted duration of the export order, whichever is later; Si .....

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is being exported under Defence Export Offset Policy; Outreach programmes will be conducted at different locations to raise awareness among various stakeholders. E-Commerce Exports: E-Commerce exports of handloom products, books/periodicals, leather footwear, toys and customized fashion garments through courier or foreign post office would also be able to get benefit of MEIS (for values upto 25,000 INR). These measures would not only capitalize on India's strength in these areas and incre .....

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