DGFT prohibits export of alcohol-based sanitizers with dispenser pumps
The director-general of foreign trade vide its notification dated 1st June 2020 has prohibited the outward shipment of alcohol-based hand sanitizers in containers with dispenser pump.
Government extends the validity of MEIS/SEIS scrips to 30th September 2020
The validity period of duty credit scrips issued between 1st March 2018 and 30th June 2018 till 30th September 2020. For Services Exports from India Scheme applications which render service in FY 2017-18, 5% late cut was applicable till 31st March 2020, which shall now continue to be applicable for applications submitted till 30th June 2020.
DGFT removes restrictions on the export of paracetamol APIs
The Directorate General of Foreign Trade in its notification dated 28th May 2020 has removed the restrictions on paracetamol active pharmaceutical ingredients (API), making it export free with immediate effect.
DGFT includes Gopalpur port as a port of registration
The Director General of Foreign Trade in its notification dated 22nd May 2020 has included Gopalpur Port as a port of registration under Sea Ports.
MHA permits certain categories of OCI cardholders to visit India
The Ministry of Home Affairs vide its Notification dated 22nd May 2020 has permitted certain category OCI cardholders abroad to come to India.
RBI increases the maximum permissible period of pre-shipment and post-shipment export credit to 1 year
The Reserve Bank of India on 23rd May 2020 has decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing 1 year to 15 months.
DGFT shall issue a Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN – India FTA
DGFT has restored the procedure for issuance of physical copy of certificates of origin as exporters had expressed difficulties in obtaining preferential access in Thailand and Vietnam based on digitally signed electronic certificates. The CoO applications under ASEAN-India FTA for exports to Thailand and Vietnam should now be submitted manually by the exporters to the offices of the designated issuing agencies.
RBI extends the time limit for settlement of import payment.
The RBI has decided to extend the time period for completion of remittances against normal import from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.
RBI Statement on Developmental and Regulatory Policies to further ease financial stress caused by COVID-19
Statement on Developmental and Regulatory Policy to improve the functioning of markets and market participants; measures to support exports and imports; efforts to further ease financial stress caused by COVID-19 disruptions by providing relief on debt servicing and improving access to working capital; and steps to ease financial constraints faced by state governments.
Electronic sealing not required for goods to be deposited in Customs Bonded Warehouse
The Central Board of Indirect Taxes and Customs vide circular dated 18 May 2020 has revoked the requirement for electronic sealing of goods that are to be deposited in or removed from Customs Bonded Warehouse. The requirement was provided vide circulars dated 18.06.2018 and 07.-2.2020. These circulars are hereby rescinded considering the representations received demanding the same.
