Page 5 - Tnc Rajagopalan

Not a great start for India's importers and exporters in the New Year

Donald Trump, who will take over as President of the United States, has threatened to hike import tariffs across the board, and impose high tariffs on imports from China, Canada, Mexico and India

Dr Manmohan Singh trusted India's trade capacity to compete at global level

He introduced a dual exchange rate mechanism in February 1992 and unified exchange rate mechanism in February 1993, effectively engineering a further devaluation of about 30 per cent

Exporters: Know when you can claim duty drawback and Rodtep benefits

Drawback and Rodtep will be available only against export of goods. At the time of export of goods, one must declare the value of the goods in the shipping bill

Solar power projects face higher costs after customs duty notification

Section 58 deals with licensing private bonded warehouses where imported goods belonging to the licensee may be deposited without payment of any Customs duties

Centre must remove unnecessary obstacles for steel import clearances

The government has also introduced registration requirements such as steel import monitoring system (SIMS), paper import monitoring system (PIMS)

Packing and labelling imported goods don't confer Indian-origin status

The balances in the RVAs are built through inward remittances in freely convertible currencies

Biden should revive WTO dispute settlement mechanism before leaving

The decision to give a second term to Ngozi Okonjo-Iweala reflects broad recognition of her exceptional leadership and strategic vision for the future of the WTO

Sensible trade policy key to tackling climate change on a global scale

A key agreement at Baku was on establishing high integrity carbon markets, following a breakthrough on establishing standards for a centralised international carbon market

Importers can use 2 exemption notifications simultaneously for same imports

If goods are imported into India after exportation therefrom, such goods shall be liable to duty and be subject to all the conditions and restrictions

CBIC should review its MOOWR instructions to ease operations for units

Irritants persist for MOOWR units, although over five years have passed since the introduction of MOOWR 2019 regulations

CBIC should do away with IGCRS Rules for the export oriented units

The CBIC should do away with the IGCRS Rules for the EOUs, as they serve no useful purpose, only cause harassment and encourage corruption

Chatroom: DBK need not be surrendered if export proceeds realised late

TNC Rajagopalan answers SME queries related to GST, export and import matters

Global trade may fragment further under a Donald Trump presidency

With Trump's rather isolationist policies, Europe may find it necessary to divert more resources for building better military capabilities

DGFT surprises exporters with annual returns under the Rodtep scheme

The DGFT wants the exporters to submit the data for the year 2023-24 by the March 31, 2025. Not furnishing the ARR will lead to denial of Rodtep benefits

Advance B/E: Duty rate applies on date of grant of entry inwards for vessel

One cannot escape anti-dumping duty by filing advance bill of entry if the anti-dumping notification is issued before grant of entry inward for the vessel

Not easy to make Brics draft on international payment systems work

Brics's demand to reform the present financial system and global institutions and attempts to develop different payment mechanisms will get suitable support

India-Canada diplomatic row unlikely to affect businesses or students much

India and Canada have shared democratic values. The broader geopolitical considerations require India and Canada to co-operate and deepen their engagement

Showcause notice only a demand notice and not an adjudicating order

Rajagopalan answers readers' SME queries related to GST, export and import matters

The CGST rules: Helpful amendments, court decisions for exporters

CBIC had issued its circular prescribing the procedures for the payment of IGST and compensation cess (CC) along with interest by the importers who had violated the pre-import condition

Risk of another US port worker strike looming threat for exporters

In India, the trade union movement is very fragmented and at its weakest since independence. So, the fears of workers disrupting critical activities like port operations are very low