Home » Commerce and Industry » Foreign Trade Policy 2015-2020 extended for one year;

Foreign Trade Policy 2015-2020 extended for one year;

The Union Commerce and Industry Ministry today announced changes in the Foreign Trade Policy (FTP) of Government of India. The present Policy which came into force on 1st April, 2015, is for 5 years and has validity upto 31st March, 2020. In view of the unprecedented current situation arising out of the pandemic Novel COVID-19, the Govt. has decided to continue relief under various export promotion schemes by granting extension of the existing Foreign Trade Policy by another one year i.e. up to 31st March, 2021. Several other relief measures have also been announced to support trade and industry. Salient points of the changes made in the FTP are as follows:
  1. To provide continuity in the policy regime, the current FTP, valid till 31.03.2020 has been extended till 31.03.2021. Similar extension is made in the related procedures, by extending validity of Hand Book of Procedures.
  2. Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be available for another 12 months.Decision on continuation of SEIS will be taken and notified subsequently.
  3. Similarly, validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits.
  4. Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc. has been extended up to 31.03.2021.
  5. The scheme for providing “Transport Marketing Assistance on the specified Agricultural Products” is further extended for one year.
  6. Validity period for making imports undervarious duty free import authorizations (AA/DFIA/EPCG) expiring between 01.02.2020 and 31.07.2020,has been allowed automatic extension for another six months from the date of expiry, without requirement of obtaining such endorsement on these authorizations.
  7. Whereever the period to make export is expiring between 01.02.2020 and 31.07.2020 under various authorizations, automatic extension in the export obligation period is allowed for another six months from the date of expiry, without payment of any composition fee.
  8. Last dates for applying for various duty credit Scrips (MEIS/SEIS/ROSCTL) and other Authorisations have been extended.
  9. Time lines for imposing late cuts, on the applications which are filed after the prescribed dates, have been relaxed.
  10. Validity period of Letter of Permission/ Letter of Intent as granted to EOUs, units in STPs/EHTPs/BTPs is further extended up to 31st December, 2020.
  11. Last date of filing applications for refund of TED/Drawback, Transport and Marketing Assistance has been extended.
  12. Extension in time has been allowed for filing various Reports/Returns etc. under various provisions of the FTP.

About ppb

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Measures taken by Government to boost exports

The Government has taken the following measures to boost exports and reduce trade deficit: Foreign ...

Indian Footwear and Leather Development Programme (IFLDP)

Central Government on 19th January 2022, has approved the continuation of Central Sector Scheme ‘Indian ...

Department for Promotion of Industry and Internal Trade (DPIIT) recognized startups create over 8.6 lakh direct jobs since the launch of Startup India

Department for Promotion of Industry and Internal Trade (DPIIT) recognized startups have self-reported creation of over ...

Initiatives taken by Department of Promotion of Industry and Internal Trade (DPIIT) to speed up patent applications and eliminate pendency

The Department has taken various initiatives to expedite the process of patent applications and eliminate ...

‘Make in India 2.0’ focuses on 27 sectors

‘Make in India’ is an initiative which was launched on 25th September, 2014 to facilitate investment, ...

WPI based inflation is 5.85% (Provisional) for November, 2022 (over November, 2021) against 8.39% recorded in October, 2022

The annual rate of inflation based on all India Wholesale  Index (WPI) number is 5.85% ...

Export of total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22, registering a positive growth of 35.9%

Export of total number of automobiles increased from 41,34,047 in 2020-21 to 56,17,246 in 2021-22, ...

Sustained Government efforts result in increasing the number of recognized Startups from 452 in 2016 to 84,012 in 2022

Sustained Government efforts in this direction have resulted in increasing the   number of recognized Startups ...

Department for Promotion of Industry and Internal Trade (DPIIT) recognizes 59,787 entities as startups in the last 5 years

In the last five years (years 2017, 2018, 2019, 2020 and 2021) 59,787 entities were ...

Centre’s reforms result in consistent increase of FDI inflow; FDI grows from US $ 45.15 billion in 2014-2015 to US$ 84.84 billion in 2021-22

The reforms taken by Government have resulted in increased Foreign Direct Investment (FDI) inflows in ...

WP2Social Auto Publish Powered By : XYZScripts.com