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MC12: Decisions not impactful, but WTO wins big

The current practice of not imposing Customs duties on electronic transmission will continue till the next ministerial conference (MC13) to be held towards the end of December 2023

'Supplies from DTA to SEZ attract export duty'

Duty credit allowed under the RoDTEP scheme is subject to realisation of sale proceeds within the period allowed by the RBI

Low expectations from the 12th WTO Ministerial Conference

The meet takes place under the shadow of global inflation, supply chain disruptions, lingering pandemic, slowing growth momentum, and the Russia-Ukraine war

European Union to ban insurance for tankers that carry Russian oil

Ship insurance companies not only cover the physical damage to the hull and machinery of the vessel but also provide protection and indemnity (P&I) against third-party liability

'MOOWR is a duty deferment scheme'

There is no customs duty exemption for inputs used in the manufacture of capital goods in a bonded warehouse, even if they are supplied to an EPCG authorisation holder

CBIC cautions against coercive tax collection during searches

The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment

SC strikes down levy of GST on ocean freight in CIF contracts

The matter before the Court was the appeal against the decision of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd

Govt must cut import duty rates to combat inflation

Our government need not merely wait for the global commodity prices to drop but take active measures to supplement the actions of the monetary authorities

Exporters optimistic despite global slowdown prospects

They expect better market access in countries with whom new free trade agreements have been negotiated recently

Enquiries from Russia put exporters in a spot

The immediate challenge of the Indian exporters is to find shipping lines that will take their cargo to Russia.

IMF: Diversification, substitutability build resilient value chains

The IMF says that in the early days of the pandemic in 2020, the GVC-intensive trade collapsed but rebounded very quickly showing remarkable resilience.

'Unconfirmed LC binds only the issuing bank to pay'

In a freely negotiable LC, any bank can negotiate the LC compliant documents, pay the party and claim reimbursement in accordance with the instructions of the LC issuing bank.

Procedures of EPCG scheme now simplified

Under the EPCG scheme, exporters can import capital goods at zero duty against export obligation (EO) of six times the duty saved to be fulfilled in six years

RBI issues draft norms for trade via e-com mode

The roles and responsibilities of the banks and OEIF and the disciplines for operating the import and export collection accounts are clearly spelt out

'Commerce Ministry unaware EOUs are not bonded warehouses'

Apparently, the Commerce Ministry is not yet aware of these changes, and so, the SEZ Rules, 2006, remain unchanged.

Implications of short-term gain of cheap Russia oil must be weighed

So, India should carefully weigh the short term gains of buying cheap oil from Russia against implications of annoying the western alliances

Globalisation a casualty of Russia-Ukraine war

The prolonged war in Ukraine and considerable hardening of attitudes on both the sides can hurt global trade and economy

'Return of advance to foreign buyer after 12 months requires RBI nod'

Therefore, please send a suitable request to RBI, through your bank, explaining the reasons for the failure to export and the delay in sending back the advance within one year.

FTP should be extended for six more months

No new ideas have emerged on what the new FTP should be, despite meetings with the stakeholders through the Board of Trade and Export Promotion Councils

Crisis in Ukraine impacts global shipping industry

The shortage of skilled personnel at the middle and senior levels can hamper the operations of the shipping lines