DGFT Permits the export of non-medical, non-surgical masks
The Directorate General of foreign trade vide its notification dated 16th May 2020 has permitted the export of non-medical and non-surgical masks of all types, including cotton, silk, wool and knitted.
RBI extends Interest Equalization Scheme on Pre and post-shipment rupee export credit till 31st March 2021
The Reserve Bank of India vide its notification dated 13th May 2020 has extended the Interest Equalization Scheme for pre and post-shipment Rupee export credit with the same coverage for one more year which is valid up to 31st March 2021.
CBIC has brought onboard e-SANCHIT App one more PGA namely Registrar of Newspapers of India (RNI) with its LPCOs
The Central Board of Indirect Taxes & Customs) vide circular dated 14th May, 2020 has brought onboard e-SANCHIT App one more PGA namely Registrar of Newspapers of India (RNI) with its LPCOs.
Validity of existing Export Performance Certificates extended
The Central Board of Indirect Taxes and Customs vide Notification dated 14.05.2020 has further amended the Customs Notification No. 50/2017-Customs dated 30.06.2017 so as to extend the period of validity of existing Export Performance Certificates for FY 2019-20 up to 30.09.2020.
DGFT provides transport and marketing assistance to specified agricultural products in per Kilogram basis
The Directorate General of Foreign Trade vide public notice issued on 12 May, 2020, has provided that the claims for availing assistance for transport and marketing of specified agricultural products shall be on per kilogram basis.
DGFT bans export of alcohol-based hand sanitizers
The Directorate General of Foreign Trade vide its notification dated 6th May 2020 has banned export of alcohol-based hand sanitizers to boost its availability in the domestic market amid the Covid-19 pandemic.
DGFT issues clarification on submission of pre-shipment inspection certificate
DGFT has decided that a scanned copy of the PSIC document may be accepted in place of a physical copy for the purpose of Customs clearance. However, the importer has to provide an undertaking to the concerned Custom Authority at the time of the clearance. The original physical copy of the PSIC needs to be submitted to Customs within 60 days of the clearance.
DGFT issues clarification in respect to application for free sale and commerce certificates
DGFT directs the Trade and Industry to send their applications for grant of Free sale and Commerce Certificates at the official email ID of the concerned Regional Authority
Foreign Exchange Management (Non-debt Instruments) Rules, 2020 get amendment
Ministry of Finance via notification dated 27th April, 2020 has published The Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020. The amendment has allowed 100% investment in the Non-debt instruments of intermediaries through automatic route.
Foreign Exchange Management (Non-debt Instruments) Rules Amended to prevent opportunistic takeover of domestic firms
The Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 in which it has made it mandatory that foreign investments from countries that share a land border with India to obtain prior approval from the government to prevent opportunistic takeover of domestic firms amid COVID-19 pandemic.
