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Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

Russia-Ukraine war brings about structural changes in global trade

Even the western countries will find it difficult to absorb the costs of helping Ukraine fight Russia and rebuild its civilian infrastructure and host millions of refugees

ICC guidance papers throw light on LoCs

Banks should review their forms and practices based on the recommendations in these papers

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

Growth-oriented Budget can worsen trade deficit

The Indian economy is a 'bright star' growing at about 7 per cent, the fastest rate among major economies

Diverse views on trade & investment at Davos

Beneath the high sounding words during the discussions, willingness to co-operate on trade and investment issues was missing

Chatroom: 'Export duty is not part of the price paid or payable for goods'

You must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)

Drawback, GST, RoDTEP refund different levies

Availing of refund under one scheme does not take away the right to claim refund under another scheme. Exporters can contest any attempts to delay or deny such refunds

Supply chain disruptions likely despite falling trade

After two years of revenue and profit growth, the shipping lines are facing losses on most sailings due to falling freight rates

'DGFT should clarify duty payment for destruction of imported goods'

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

Budget should avoid subsidies and protection to biz

Subsidies and tax concessions are not the best ways to boost our production and exports in the medium and long term

Coordinated actions needed to deal with global challenges

The United States and its allies are committed to supporting Ukraine, despite serious hardships, especially in Europe

'DGFT should align RoDTEP, Customs Tariff HSN Codes'

'The DGFT should also resolve the problem of exporters who have used the HSN Code as per Customs Tariff but have ticked the right box in the shipping bill to indicate their claim of RoDTEP benefits'

Economic indicators positive, but worries remain

The Russian invasion of Ukraine pushed up the prices of food, fuel, fertilizers, and other commodities

Trade, economic interests drive India's foreign policy

How the oil price cap will actually play out is not clear, but our government remains unfazed because the cost of crude is anyway on a downward trend

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Centre extends RoDTEP to more sectors, but refund woes remain

Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme

Draft DESH Bill seeks to bail out SEZ units

There is nothing in the said Bill to suggest that it will contribute to enhancement of export competitiveness

WTO calls for free trade in goods to cope with climate change

The WTO report argues that trade is part of the solution for achieving a low carbon, resilient, and just transition

India should nudge US to appoint judges to hear appeals at WTO

Dispute settlement is the central pillar of the multilateral trading system, and the WTO's unique contribution to the stability of the global economy