DoT Issues Clarifications on Removal of Export Requirements and Extension in Timelines for IMEIs of Locally Manufactured Phones
The Department of Telecommunication (DoT) has examined the requests of various industry associations and has conceded that the requirement of registration of IMEIs of mobile phones being manufactured in India for export is kept in abeyance till further orders. However it has stated that rule 4 (1) of the Prevention of Tampering of the Mobile Device Equipment Identification Number (Amendment) Rules, 2022 shall come into force with effect from January 1, 2023.
Revised due date for commencement of SCOMET Updates 2022
The revised list of Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) as per SCOMET Updates 2022 shall come into effect after 30 days from November 30, 2022.
CBIC launches Digital Import Clearance System of AQCS-ICS
To further enhance SWIFT, the Digital Import Clearance System of AQCS-ICS has been developed by AQCS for purposes of improved functioning. This would enable migrating from Online NoC through ICES to online message exchange mode, similar to that of FSSAI and PQMS. The AQCS-ICS shall be introduced from 01.12.2022.
Revised Standard Input Output Norms (SION) for export of wheat flour (Atta)
The SION is valid until ‘wheat’ is prohibited for exports. Thereafter, no further AA will be issued under the SION. AAs already issued will continue to operate in the normal course.
The International Financial Services Centres Authority (Appointed Actuary) Draft Regulations, 2022.
The Board of an IIO shall appoint a person having the necessary qualification, competency, experience and professional status to carry out all the actuarial functions, as the ‘Appointed Actuary’ (AA) and the AA shall have access to all relevant and necessary information and documents in possession or under control of the IIO or of the Parent Entity of an unincorporated IIO.
IFSCA (Maintenance of Insurance Records and Submission of Requisite Information for Investigation and Inspection) Draft Regulations, 2022.
The objective of these regulations is to specify minimum information that is required to be maintained by the International Financial Services Centres Insurance Offices (IIO) and International Financial Service Centre Insurance Intermediary Offices (IIIO), for the purposes of investigation and inspection, under section 33 of the Insurance Act, 1938.
Plant Quarantine (Regulation of Import into India) (Seventh Amendment) Order, 2022
Fresh fruits imported for consumption shall be free from insects/mites & fungi.
IFSCA invites public comments on proposed IFSCA (Preparation & Presentation of Financial Statements of IIOs) Regulations, 2022.
For IIOs who is set up in an unincorporated form in an IFSC, financial statements shall be in accordance with the accounting standards applicable to its parent entity, as specified by its home country regulatory or supervisory authority. For others, i.e. those incorporated in the IFSC shall prepare it as specified in these Regulations.
International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Draft Regulations, 2022.
The IIO shall have a Board approved Investment Policy, which shall, inter-alia, provide for situations of breaches, action plans to address breaches, provisions for providing Economic Capital, if required. IIOs shall value all of its assets and liabilities, and maintain solvency margin in accordance with the regulations issued by the Authority in this regard.
DGFT circular regarding Relief in Average Export Obligation
FTP 2015-20 (extended up to 31.03.2023) provides relief to exporters of those sectors where total exports in that sector or product group have declined by more than 5% in the previous year i.e. in 2021-22 as compared 2020-21 would be entitled to such relief. The Regional Offices are requested to re-fix the Annual average export obligation for EPCG Authorizations for the year 2021-22 accordingly.
