Page 5 - Dgft

Govt permits invoicing, payment and settlement of trade in rupee

The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

The move is expected to create employment opportunities in small cities and increase the export of services

Commerce department recast to bring more focus on trade policy making

The DGFT has been already working on the much-delayed foreign trade policy, which is now expected to be released by the end of September

After wheat, India now curbs the export of wheat flour and related products

The Centre has made it mandatory for all exporters to seek prior permission from the inter-ministerial committee on wheat export before undertaking any outbound shipment

DGFT issues RCs for 1.6 mn tonnes wheat export after May 13 ban order

The commerce ministry's arm DGFT has issued registration certificates for about 1.6 million tonne of wheat to exporters having valid letter of credit, after the ban order of May 13, an official said

Crackdown on two Mumbai-based entities trying to export wheat on fake LCs

The commerce ministry has tightened the norms for obtaining registration certificates for wheat exports with a view to curbing fraudulent practices such as submission of improper documents by traders.

Govt imposes restrictions on sugar exports from June 1, says DGFT

However, it said that these restrictions would not be applicable on sugar being exported to the EU and the US under CXL and TRQ

Damaging India's credibility

Wheat export ban should have been avoided

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

SME: 'Ad hoc norms valid for 3 yrs or till March 31, whichever is later'

So, the norms approved in 2017 will be valid till 31.03.2022 and the norms approved in 2020 will be valid for three years from the date of approval

DGFT sets up Covid-19 helpdesk to iron out international trade issues

The helpdesk will look into issues relating to import and export licensing, documentation issues, customs clearance delays and related complexities, among others

Jan 1 will usher in revised HSN

Under the Served from India Scheme (SEIS), the rates for exports during 2019-20 were notified with certain ceilings and applications were allowed till the allocations lasted

CBIC shouldn't need registration of MEIS transmitted online by DGFT

'In my view, registration should not be necessary at all where MEIS is directly transmitted by the DGFT to the Customs', says the author

Syringe makers expect export of items with low demand in India to continue

Industry estimates India has stockpile to last about a month for Covid-19 vaccination

Entitlement under SEIS for services exports in FY20 capped at Rs 5 crore

The facility to claim benefits under SEIS on payments in Indian currency will not be available for services rendered in FY20

Regional Authority becomes redundant as DGFT goes online

The prescribed processes for adjudication now require the exporter or importer to submit online the documents called for by the jurisdictional authority

DGFT introduces online system for importers to seek tariff rate quota

The commerce ministry's arm DGFT has introduced an online system for traders who seek tariff rate quota for imports

Govt likely to give partial clearance for stranded onion cargo at ports

DGFT is understood to have communicated to the Customs Department to give the go-ahead to cargo that have arrived at the port, but not to ones which are in transit

Govt bans export of onions to check soaring prices, increase availability

The DGFT, an arm of the commerce ministry, deals with exports and imports-related issues

Govt tightens import norms of 18 chemicals which can affect environment

The Directorate added that importers of the certain chemicals have to submit a copy of the bill of entry within 30 days to the ozone cell in the Ministry of Environment, Forest and Climate Change