Category: Press Releases

Jan 04

New Foreign Trade Policy will focus on e-commerce: DGFT

New Delhi, Jan 3 (KNN) Director General of Foreign Trade (DGFT), Santosh Kumar Sarangi said that India will soon get its new Foreign Trade Policy (FTP) this year which will also include e-commerce. In an interview with The Print, Kumar said India’s merchandise exports, which are expected to touch USD 450 billion this financial year, are likely to maintain “similar or higher levels” in the next financial year despite global recessionary trends. He explained that India’s recently signed free-trade agreements Read Full Details…

Jul 20

Export business plays an important role in the economy of the country

Export business plays an important role in the economy of the country. A healthy balance, a sustainable development with trade and foreign exchange reserves to maintain the country’s export growth and economic power; it should be a constant and high rate. Exports as a whole affect the industrial environment. To compete internationally, the industry standard for quality products, competitive price, good packaging, good quality, health and environment safety etc, which is important for overall industry. For export as a national Read Full Details…

Mar 11

Harmonising MEIS Schedule in the Appendix 3B (Table-2) with ITC (HS), 2017

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE UDYOG BHAWAN, NEW DELHI PUBLIC NOTICE No. 61/2015-2020 New Delhi, the 7th March, 2017 Subject: Harmonising MEIS Schedule in the Appendix 3B (Table-2) with ITC (HS), 2017. The Directorate General of Foreign Trade has notified Indian Trade Classification (Harmonised System)- ITC(HS), 2017 in replacement of the ITC(HS), 2012 vide Notification No. 36/2015-2020 dated 17th Jan, 2017. 2. In pursuance to the above, in exercise of powers conferred under paragraph Read Full Details…

Mar 11

Courier Imports and Exports (Clearance) Amendment Regulations, 2017

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 16/2017-Customs (N.T.) New Delhi, the 3rd March , 2017 G.S.R. (E).—-In exercise of the powers conferred by section 157 of the Customs Act,1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, further to amend the Courier Imports and Exports (Clearance) Regulations, 1998, namely:- (1) These regulations may be called the Courier Imports and Exports (Clearance) Amendment Read Full Details…

Mar 07

Policy Drags e-Commerce Exports

Exporters face restrictions in the form of poor incentives and debilitating fees, made worse by surging global competition India had woken up to the huge potential of e-commerce exports when the Centre decided to provide incentives in the Foreign Trade Policy (FTP) 2015-20 to promote exports of goods hosted on a website and dispatched through courier or postal mode. However, exporters have now identified several ‘restrictions’ under the FTP and related norms as ‘challenges’ that are preventing them from maximising Read Full Details…

Feb 28

WebPort Global speeds up exports for Irish SMEs

Last year was one when Irish business was thrust onto a new level of uncertainty following the Brexit vote and, pending the triggering of Article 50 of the Lisbon Treaty, the UK’s withdrawal from the European Union by March 2019. Given the prospect of such an occurrence, the focus of Irish businesses working in new export markets has arguably become more heightened than at any point since joining the EU in 1973. To aid SMEs in their bid to grow Read Full Details…

Feb 28

WTO deal to cut red tape comes into force

GENEVA. — A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5 percent lift to the world economy by 2030 even as it faces renewed protectionism from the United States. World Trade Organization Director General Roberto Azevedo hailed the start of the pact, which he said was the “biggest reform of global trade this century”. He also sought to play down potentially difficult trade issues with US President Read Full Details…

Feb 27

WTO’s Trade Facilitation Agreement enters into force

A major milestone for the global trading system was reached on February 22, 2017 when the first multilateral deal concluded in the 21-year-old history of the World Trade Organization (WTO) entered into force. In receiving four more ratifications for the Trade Facilitation Agreement (TFA), the WTO has obtained the two-thirds acceptance of the agreement from its 164 members needed to bring the TFA into force. Rwanda, Oman, Chad and Jordan submitted their instruments of acceptance to WTO Director-General, Mr Roberto Read Full Details…

Feb 01

Indirect Taxes Proposals Involving Change In Duty/Tax Rates: Customs & Excise Duty

PROPOSALS INVOLVING CHANGE IN DUTY / TAX RATES: CUSTOMS:   Commodity Rate of Duty   From To I. Incentivizing domestic value addition, ‘Make in India’ A. Reduction in Customs duty on inputs and raw materials to reduce costs Mineral fuels and Mineral oils 1. Liquefied Natural Gas BCD – 5% BCD – 2.5%     Chemicals & Petrochemicals 2. Medium Quality Terephthalic Acid (MTA) & Qualified Terephthalic Acid (QTA) BCD – 7.5% BCD – 5%     Metals 3. Nickel Read Full Details…

Feb 01

Highlights of Union Budget 2017-18

Budget Highlights (Key Features) Introduction In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016 Economy has moved on a high growth path. India’s Current Account Deficit declined from about 1% of GDP last year to 0.3% of GDP in the first half of2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite Read Full Details…