India Extends Export Deadline for Broken Rice to Senegal and Gambia
The extension, effective from November 30, 2024, will allow for exports to continue until January 31, 2025. The extension is expected to benefit Indian exporters and contribute to the country’s export earnings.
India Removes Minimum Export Price (MEP) on Non-Basmati White Rice
The Government of India has removed the Minimum Export Price (MEP) on the export of Non-Basmati White Rice, effective from October 23, 2024. The decision was made through an amendment to the Foreign Trade Policy, specifically for the HS Code 1006 30 90, which covers Non-Basmati White Rice. The removal of the MEP is expected to make Indian non-basmati rice more competitive in the global market.
Government Introduces New Export Policy Condition for Halal Certification Process for Meat and Meat Products
The Central Government has introduced new requirements for the export of specified meat and meat products to certain countries. These changes aim to ensure the compliance of exported products with Halal certification standards. These new requirements have come into force from October 16, 2024.
Foreign Exchange Management (Non-debt Instruments) Amendment Rules
The amendments aim to simplify cross-border share swaps and provide for the issue or transfer of Indian company equity instruments in exchange for foreign company equity instruments. This will facilitate the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives, enabling them to reach new markets and grow their presence worldwide. Another key change brings further clarity on the treatment of downstream investments made by Overseas Citizen of India (OCI)-owned entities on a non-repatriation basis, aligning it with the treatment of Non-Resident Indian (NRI)-owned entities.
Medical Device Exporters Can Now Get RCMCs From EEPC India
DGFT has noted that presently Export Promotion Council (EPC) for Medical Devices is not yet fully operational and cannot issue RCMCs. Therefore, it has temporarily allowed RCMCs for medical devices to be issued by the Engineering Export Promotion Council of India (EEPC India) or any other relevant EPC for medical devices. This measure will operate until the designated EPC for medical devices becomes fully functional.
Revised Foreign Trade Policy with regard to intermediaries of merchant trading
Merchanting trade involving shipment of goods from one foreign country to another foreign country without touching Indian ports, or shipment of goods within one specific foreign country, involving an Indian intermediary is allowed subject to compliance with RBI guidelines, except for goods in the CITES, or under SCOMET.
DGFT declares Mundra Port and ICD Garhi Harsaru for import of new Vehicles
Mundra Port and ICD Garhi Harsaru are added to the existing list of 16 ports/lCDs through which import of new vehicles is permitted.
Revised policy conditions for exports of all wild animals, animal articles including their products and derivatives
Live exotic birds are not permitted to be Exported subject to exceptions. Exports if allowed shall be subject to pre- shipment inspection and CITES certificate.
National Conference on Strategic Trade Controls (NCSTC)
The conference mainly focuses on outreach to the Industry especially for those dealing in sectors regulated under India’s SCOMET list including special materials and high tech equipment, chemicals, biotechnology, defence, aerospace (comprising Drones/UAVs), electronics and semiconductors, telecommunications, information security, etc. and related software and technology.
Foreign Exchange Management (Nondebt Instruments) Amendment Rules, 2024.
These rules pave the way for greater participation in the global economy and facilitate cross-border investments, ultimately contributing to the growth and development of Indian businesses on the world stage.
