DGFT adds agencies to Handbook of Procedure
The Directorate General of Foreign Trade (DGFT) has issued an amendment to the Handbook of Procedure in regard to the addition of agencies. The amendment notification was issued on 5th January, 2023. The amednment also adds, amongst others, that one photo of the Inspector shall be captured with the empty container in the background having only one door closed (door with container number) and the container number shall be clearly readable in that photo.
Revision of Implementation of TRQs under India-UAE CEPA
The Ministry of Commerce and Industry has issued a public notice on the implementation of Tariff Rate Quotas (TRQs) under India- UAE CEPA. Annexure IV of Appendix 2A of the TRQs stand revised. These provisions lay down the procedure for import of items under the India- UAE CEPA. Traders are now allowed to import under TRQs for all tariff lines except 7108. This notice was dated 29th December, 2022.
Clarification regarding jurisdiction of Export Promotion Councils/Commodity Boards/Export Development Authorities as per Foreign Trade Policy 2015-2020
All products and services by EOU except spice and All products and services by SEZs shall fall within the jurisdiction of Export promotion councils.
List of Agencies Authorized to issue Certificate of Origin (Preferential)
The list contains agencies authorized to issue Preferential Certificate of Origin (COO) for India’s exports under the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
Guidelines for the import of Pet Animals
Import of dogs is allowed only for the following specific purposes namely: Pet dog with valid pet book and relevant records/documents in the name of the importer, Dogs imported by the R&D Organizations for conducting research with the recommendation of CPCSEA or for internal security by the Defense and Police Force.
Press Release on Measures taken to attain “Self Sufficiency” in Steel Production
The release elucidates that the government has taken measures to provide and environment of self-sufficiency in steel productions. These measures include the notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of Rs. 6,322 Crore. It aims at promoting the manufacture of specialty in India for domestic use and export by attracting capital investments, amongst others, Make in India initiative and the PM Gati-shakti National Master Plan, amongst others.
Press Release on Foreign Investment in MSMEs Sector
To promote FDI, the Government has put in place an investor-friendly policy. In this policy most sector/activities including Micro, Small and Medium Enterprises (MSMEs) are open for 100% FDI under the automatic route/ However, the policy is subject to sectoral laws, regulations/rules, security conditions and state/local/laws/regulations. Furthermore, certain strategically important sectors/activities are kept outside the purview of this policy.
SEBI issued a notification on Foreign Investment in Alternative Investment Funds (AIFs)
According to Regulation 10(a) of SEBI (Alternative Investment Funds) Regulations, 2012 AIFs may raise funds from any investor. Such an investor may be Indian, foreign or non-resident Indians. These funds may be raised by way of issue of units. In case an investor who has been on-boarded to the scheme of an AIF subsequently does not meet specified conditions, the manager of the AIF shall not draw down any further capital contribution from the such investor for investing until the investor again meets the said conditions.
IFSCA notifies Renewal of Recognition to Bullion Exchange and Bullion Clearing Corporation
Through this notification the IFSCA renews the recognition granted to India International Bullion Exchange IFSC Ltd., Guajarat as the Bullion Exchange and Bullion Clearing Corporation. This recognition is granted for one year, commencing on 9th December, 2022 to 8th December, 2023.
Special Economic Zones (Fifth Amendment) Rules, 2022
An SEZ Unit may permit certain employees to work from home or from any place outside the Special Economic Zone upto the 31st December, 2023
