Sea Cargo Manifest and Transhipment (Eighth Amendment) Regulations, 2021
The authorized sea carrier shall continue to deliver the cargo declaration in Form III of the Import Manifest (Vessels) Regulations, 1971 and Form I of the Export Manifest (Vessels) Regulations, 1976, in the manner as was applicable before the commencement of these regulations, till 31st December 2021.
Government approves continuation of the National Export Insurance Account (NEIA) scheme and infusion of Rs. 1,650 crore Grant-in-Aid over 5 years.
NEIA supports projects which are commercially viable and are strategically important, Since inception, NEIA has extended 213 covers, with a consolidated project value of Rs. 53,000 crores, to 52 countries as of 31st August 2021 and Its impact in enabling project exports has been most significant in Africa and South Asia.
RBI allows use of any Alternative reference rate in place of LIBOR in export/import
In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions.
DGFT extends the Foreign Trade Policy till March 2022.
FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services.
DGFT extends the Hand Book of Procedures till 31st March 2022.
The Objective of HBP is to implement provisions of FT (D&R) Act, Rules and Orders made thereunder and provisions of FTP (2015-20) by laying down simple, transparent and EDI compatible procedures which are user friendly and are easy to comply with and administer for efficient management of foreign trade.
CBDT relaxes the requirements for re-export of imported containers of durable nature
The Assistant Commissioner may grant an extension beyond 6 months up to further 3 months for the reasons to be recorded in writing. Where the initial period of 6 months is till on or before 31.03.2022, the extension will also be applicable on receiving intimation before expiry of initial period of 6 months from the concerned importer that the container shall be re-exported in laden condition within the next 3 months.
DGFT allows for import of Soya De-oiled and crushed cakes through ports of Ghojadanga LCS (INGJXB) and Kolkata (INCCUI)
The import was allowed only through INNSAI port or INPTPB port. The ports of Ghojadanga LCS (INGJXB) and Kolkata (INCCUI) are hereby additionally included to the list.
DGFT Extends Export Obligation period of specified Advance and EPCG Authorisations till 31st December 2021
DGFT extended the export obligation period of Advance Authorisations (AA) and EPCG Authorisations till December 31, 2021, for the original or extended Export Obligation which is expiring during the period between 1st August 2020 to 31st July 2020, without any payment of composition fee.
DGFT notifies the SEIS Benefits for Services Rendered in FY 2019-20.
The deadline for submission of SEIS application for FY 2019-20 shall be 31st December, 2021, and SEIS applications for 2019-20 will become time-barred after December 31 this year.
Export Policy of Mercury revised from ‘Free’ to ‘Restricted’ subject to Consent PIC from MoEF&CC
Export Policy of Mercury has been amended from ‘Free’ to ‘Restricted’ with immediate effect. The export will be subject to obtaining Prior Informed Consent (PIC) from MoEF&CC. Details of PIC procedure can be accessed from the website of MoEF&CC.
