Category: DGFT

Apr 02

Key Highlights of New Foreign Trade Policy 2023

The new Foreign Trade Policy (FTP) 2023, announced by Commerce and Industry Minister Piyush Goyal, will take effect from April 1, 2023. The FTP aims to increase India’s exports to USD 2 trillion by 2030 and has no specific end date, but will be updated as needed. India is expected to end the current fiscal year with total exports of USD 760-770 billion, up from USD 676 billion in 2021-22. The policy identifies four new Towns of Export Excellence (TEE) Read Full Details…

Apr 02

India Foreign Trade Policy 2023 announced

FTP 2023 is a dynamic and open ended Policy that will accommodate the emerging needs: Sh. Piyush Goyal PM Modi has given the vision to increase exports manifold: Sh Goyal FTP seeks to take India’s exports to 2 trillion dollars by 2030: Sh Goyal 4 pillars of FTP 2023: Incentive to Remission, Export promotion through collaboration, Ease of doing business and Emerging Areas Posted On: 31 MAR 2023 5:13PM by PIB Delhi Union Minister of Commerce and Industry, Consumer Affairs, Read Full Details…

Mar 30

In Export Push, India To Unveil New Foreign Trade Policy Today

India will unveil its much-awaited new Foreign Trade Policy 2023-28 today, with a view to boost exports amid slowing global trade.Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022. The term of the previous five-year policy had ended in March 2020. However, it has been extended repeatedly in wake of Covid outbreak and resulting lockdowns. The last extension was given Read Full Details…

Mar 25

CBI arrests joint director general of foreign trade for accepting Rs 5 lakh bribe in Rajkot

Jawri Mal Bishnoi, a joint DGFT stationed in Rajkot, had allegedly demanded a total of Rs 9 lakh from a businessman seeking a no-objection certificate (NOC) to export food cans. A joint director general of foreign trade (DGFT), stationed in Rajkot, Gujarat, was arrested by the Central Bureau of Investigation (CBI) on Friday for accepting a bribe of Rs 5 lakh. Jawri Mal Bishnoi had allegedly demanded a total of Rs 9 lakh from a businessman seeking a no-objection certificate Read Full Details…

Mar 06

Foreign Trade Administrative Setup Requirements for Boosting Exports in Potential Villages including Rural/Remote areas of Each District in India

India has a significant potential to expand its exports, but many of its rural and remote areas are still untapped. These areas have immense potential to become key players in the export industry. However, there are various challenges that need to be addressed before the rural/remote areas of India can become an integral part of the country’s export market. To overcome these challenges, a foreign trade administrative setup is required that will provide adequate support and incentives to the rural/remote Read Full Details…

Mar 03

How to Get Benefits of EXIM Scheme Code

Export-Import (EXIM) Scheme Code is a unique 10-digit code assigned by the Directorate General of Foreign Trade (DGFT) to importers and exporters. It is used to identify the goods that are imported or exported and determine the benefits that can be availed under various schemes. Benefits of EXIM Scheme Code: Avail Export Benefits: With the EXIM Scheme Code, exporters can avail various benefits such as Duty Drawback, Advance Authorization, Export Promotion Capital Goods (EPCG) Scheme, etc. These benefits help in Read Full Details…

Mar 03

DGFT Gives One Time Relaxation For Furnishing Additional Fee To Cover Excess Imports Affected Under Epcg Scheme

The Directorate General of Foreign Trade(DGFT) has notified the One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Capital Goods Scheme to promote Ease of Doing Business via issuing Public Notice. DGFT gives One time relaxation for furnishing additional fee to cover excess imports affected under EPCG Scheme The Directorate General of Foreign Trade(DGFT) has notified the One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Read Full Details…

Feb 26

DGFT Exempts Cashew EoUs & SEZ Units from Minimum Import Price Requirement, Upsets Industry

Government has amended the raw cashew nut import policy to exempt export-oriented units and processing units operating from Special Economic Zones (SEZ) from the minimum import price (MIP) requirement. In response, the industry stated that the policy change would be detrimental to domestic players because it would allow cheaper imports. In a notification issued on few days ago, the Director-General of Foreign Trade (DGFT) stated that the MIP on cashew kernel brokens and whole nuts will not be applicable for Read Full Details…

Feb 18

Notification Under S. 5 of FTDR Act Can’t Be Applied Retrospectively To Refuse Advance Authorization To Importer: Delhi High Court

The Delhi High Court has ruled that a notification issued under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act), which empowers the Central Government to formulate and announce the foreign trade policy, cannot be applied retrospectively by the Central Government. The bench of Justice Prathiba M. Singh held that once a notification issued under Section 5 of the FTDR Act is quashed by the Court, the same cannot be relied upon by the Directorate General Read Full Details…

Feb 08

IEC: How to obtain Import and Export Licence, Import Export Code and what it entails

It may be an opportune time to start exporting your products, going by how India’s exports in categories such as engineering products, jewellery and electronics goods, among others, are going up. However, though diving into the overseas market looks promising, becoming an officially licensed exporter has a lot of compliances and regulations that one should be aware of. One of the foremost things to start with would be getting an Import Export Code (IEC). IEC is a mandatory unique 10-digit Read Full Details…