RBI introduces FCRA related transaction code in NEFT and RTGS Systems
The Reserve Bank of India (RBI) has issued a notification introducing Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems. This notification was issued on 16th February, 2023. Member banks should incorporate necessary changes in their core banking / middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI. These instructions will be effective from 15th March, 2023.
Clarification regarding revisions to the international regulations for the prevention of air pollution from ships
The revised regulations included a requirement that, from January 01, 2020, the sulphur content of fuel oil used by ships operating outside designated emission control areas shall not exceed 0.50% by mass, known as “IMO 2020”.
DGFT amends Conditions of SION for Wheat Flour Export
The notification states that Advance Authorisation (AA) will be issued to flour millers. Exporters which have tie ups with flour millers will be issued AA as supporting manufacturers. Moreover, wheat flour (atta) can be exported only under the Advance Authorization Scheme. This is subject to the pre-import condition of wheat under the notified SION only.
DGFT amends a part of Chapter 5 of the Handbook of Procedures, 2015-20
The Directorate General of Foreign Trade (DGFT) has published a notice amending Chapter 5 of the Handbook of Procedures, 2015-20. This amendment relates to one-time relaxation from maintenance of Average Export Obligation and extension in the Export Obligation period for specified EPCG Authorisations. The notice was issued on January 20, 2023.
Ministry of Commerce & Industry relaxes the EPCG Scheme
The Ministry of Commerce and Industry has issued a press release relaxing the Export Promotion Capital Goods (EPCG) Scheme for Sectors Affected by the COVID-19 Pandemic. The press release has announced a one-time relaxation from maintaining average export obligation and an option to extend the export obligation period for a longer duration. These reliefs will be enabled without the necessity of having to pay any additional fees. This relaxation has been provided in light of the economic slowdown caused by the COVID-19 pandemic. This relief will help the sectors to cope with the negative impact of the pandemic on their export activities
Draft guidelines on Halal certification for the export of meat and its products
The comments on the draft guidelines may be sent to moc_epagril@nic.in by February 17, 2023.
DGFT amends Handbook of Procedures for issue of export authorization for “Stock and Sale” of SCOMET items
The Director General of Foreign Trade (DGFT) sets forth certain amendments to the Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20. The amendments revise the applicability of the policy for export from the Indian subsidiary of foreign company (applicant exporter) to its foreign parent/another subsidiary of foreign parent company and allow repeat order authorization under the Stock and Sale policy. These amendments were issued through a public notice dated 17th January, 2023 and shall come into immediate effect.
International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022. The regulations aim to create a regulatory framework and formulate processes related to investment of assets by an International Financial Service Centre Insurance Office (IIO).
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023
The rules lays down the Procedure in respect of identified goods, the Specification of identified goods, and the Sources for examining cases for identified goods.
Ministry of Commerce & Industry details Implementation of the RoDTEP Committee Report in relation to Anomalies
The Ministry of Commerce & Industry issued a notification on the implementation of the RoDTEP (Remission of Duties and Taxes on Exported Products) Committee report. This notification attempts to incorporate changes in relation to anomalies and errors in the earlier notified rates/ caps of 432 HS Codes. The notification was issued 9th January, 2023.
