In the Annual Supplement to India’s five year Foreign Trade Policy 2009-14, for facilitating and regulating exports and imports, many functional schemes have been relaxed to provide for more concessions to the exporters and importers. Certain important changes are:
- 3% Export Promotion Capital Goods (EPCG) scheme has been merged with zero duty EPCG scheme. Import of motor cars, SUVs, etc. by hotels, travel agents, etc., will not be allowed under this scheme.
- Import of second-hand goods will not be allowed under the new EPCG scheme.
- All Chapter 3 (of Foreign Trade Policy) duty credit scrips can now be utilized for payment of application fees for obtaining any authorization, payment of composition fees and for payment of value shortfalls in export obligation.
- Scrips under Focus Market Scheme (FMS), Focus Product Scheme (FPS) and Vishesh Krishi Gram Udyog Yojana (VKGUY) can also be utilized for payment of Service Tax.
- Served From India Scheme (SFIS) can now also be used for importing/procuring capital goods for the manufacturing business of the service provider subject to actual user condition.
- Exemption from Anti-dumping duty and Safeguard duty under DFIA scheme would not be available after transfer of the authorization.
To discuss the above and other changes The Institute of Business Laws, in association with Lakshmikumaran & Sridharan, is organizing seminar on Foreign Trade Policy and Export Promotion Schemes to guide exporters, importers, manufacturers and service exporters. The seminar is being held in New Delhi on 5th September 2013. For more information please visit http://iblglobal.com