IFSCA issues IFSCA Banking Handbook.
The non-qualitative prudential requirements applicable on the Banking Company under the respective Home Regulations have been made applicable in respect of the IBU, unless the Authority prescribes any directions on any aspect.
DGFT amends the import policy of Integrated Circuits.
The facility of online testing of CHIMS, without payment of registration fee, will be available on www.imports.gov.in with effect from 1st May 2021 on a trial basis. The CHIMS will be effective from 01.10.2021, i.e., for Bill of Entry filed on or after 01.10.2021, for items as listed in its earlier notification dated 10th May 2021.
DGFT notifies Procedure and Criteria for Submission and Approval of Application for export of Diagnostic kits.
The Exporters are directed to apply for an export license by filing applications online through DGFT’s ECOM system for Export authorizations (Non-SCOMET Restricted items) and the online application for export quantity shall be applied from 10th August to 17th August 2021.
DGFT extends the importer-exporter code (IEC) due date till 31st August 2021.
As per the revised para, 2.05(d) an IEC holder has to ensure that details in its IEC are updated electronically every year during April-June Period. However, for the current year alone, the period is extended for one month i.e till 31st August 2021.
DGFT amends the principles on restriction and prohibitions for Imports/Exports.
Through this amendment para 2.07 of Foreign Trade Policy, 2015-2020 which deals with principles of Restrictions has been revised.
Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021
The Rules provides the procedure for Overseas Investment, Overseas Direct Investment and Overseas Portfolio Investment.
DGFT extends the last date for exports/replenishment/imports/drawal of precious metal by 6 months.
A new para 4.85B has been inserted in the Hand Book of Procedure 2015-2020 which states that the last date for exports/replenishment/imports/drawal of precious metal as calculated under various sub paras of Paras 4.82, 4.83, 4.84 of Handbook of Procedure, 2015-20 expires between February 01, 2021 and June 30, 2021, such last date stands extended by six months. However, relaxation in the period for repatriation/forex realisation would be equal to the period as allowed plus six months or as per RBI guidelines, whichever is less.”
Ministry of Commerce and Industry notifies various measures for promoting export.
The Foreign Trade Policy has been extended upto 30.09.2021 to provide a stable regime during the Covid-19 pandemic and has extended the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme for apparel and made-up exports till March 2024.
DGFT directs IECs/firms to upload e-BRCs corresponding to RoSCTL shipping bills
The DGFT has noticed that in many cases, e-BRCs corresponding to RoSCTL shipping bills with LEO up to 31.03.2021, have not been uploaded. Therefore, all IECs/firms who have issued scrips under RoSCTL shipping bills with LEO up to 31.03.2021, have been directed to upload e-BRCs in DGFT online e-BRC repository by AD banks latest by 15.09.2021.
DGFT has provided the Online Procedure for transfer of Advance Authorization/EPCG Authorization in case of amalgamation
For guidance on these new processes, the Help manual & FAQs may be ·accessed on the DGFT Website — > Learn — > ‘Application Help & FAQs’.
