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.
Central Government Designates Ports for Red Sanders Repatriation from Nepal
The Central Government has designated specific ports for the repatriation of red sanders from Nepal. The ports of entry and exist have been designated for the purpose of regulation of International Trade of red sanders between India and Nepal, ensuring strict adherence to environmental regulations and international trade norms.
CBIC issues revised rates of customs duty payable upon import of precious metals
The revised rates shall replace the existing rates with immediate effect.
Extension of validity of Pre-Shipment Inspection Agencies
The validity of recognition of the Pre-Shipment Inspection Agency (PSIAs) provided under Foreign Trade Policy 2023 which are completing their original
tenure of three years as on 27.12.2023 is extended upto 31.03.2024.
Revised import policy for import of Used IT Assets (Laptops, desktops, monitors, printers) from Special Economic Zone (SEZ) to Domestic Tariff Area(DTA)
Import of Used IT Assets (Laptops, desktops, monitors, printers) from Special Economic Zone (SEZ) to Domestic Tariff Area(DTA) shall be free.
Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin
The exporters and Non-Preferential COO Issuing Agencies as notified under Appendix-2E of the FTP would have the option to use the online system, the online application process shall not be mandatory till 31 December 2024. In this interim period, the existing systems of processing non-preferential COO applications in manual/paper mode is permitted.
