Need help with International Finance assignment?
Get customized homework help now!
Measures Announced In The Annual Exim Policy
- Removal of Quantitative restrictions. Import of 894 items made licence free and another 414 items can be imported against Special Import Licence.
- Incorporation of a new chapter on policy to boost export of services.
- Free Trade Zones (FTZ) to replace export processing zones and these are to be treated as outside the country's customs territory.
- Duty Exemption Scheme has been made more flexible. Annual Advance Licence system introduced to take care of the entire Import needs of
- Exporters. Other facilities include issuance of licence, where norms are not fixed, on the basis of self certification.
- Zero Duty export promotion capital goods scheme (EPCG) with lower threshold limit of Rs 1 crore extended to chemicals and textiles.
- Institution of Ombudsman for faster resolution of exporters' problems.
- Green card for exporters exporting 50 percent of their production. Green card will entitle them to various facilities announced by the Government from time to time.
- No additional customs duty on import of capital goods under zero duty EPCG scheme in marine and software sectors.
- Duty free import of consumables up to certain limits for gems and jewellery, handicrafts and leather sectors.
- Value addition for rupee exports to Russia reduced from 100 percent to 33 percent.
- Extension of the period for fulfillment of past export obligations in respect of advance licence and EPCG schemes.
- Entitlement of domestic tariff area sales for Export Oriented Units (EOUs) and EPZs increased to 50% of f.o.b value of previous year.
- Net foreign exchange earnings as a percentage of exports made uniform at 20% for both EOUs and EPZs.
- Golden status certificate for Export and Trading Houses, which means that an exporter, who has been a status holder for three terms, will acquire this status permanently.
- Import of second hand goods of all kinds have been restricted and import of second hand capital goods under the EPCG scheme disallowed with the objective to provide level playing field to the domestic capital goods industry in light of the recent slowdown.
25% OFF on Homework Help
Note: We will not do your assignment for you. We will only help you understand the steps to solve it.