Page 6 - Exporters

Chatroom: 'Export incentives available on payments received through SVAs'

Export invoicing in INR is already allowed but the payment must come through Vostro Accounts maintained by foreign banks with a bank in India

Centre allows export incentives for those settling trade in rupee

DGFT makes key amendments to foreign trade policy

FM Sitharaman asks states to lessen logistics burden on exporters

Union Finance Minister Nirmala Sitharaman on Friday asked States to adopt a multi-modal approach and ensure logistics did not become a burden on exporters. She said the PM Gati Shakti was a beautiful protocol with which a synergy could be brought in. Delivering the inaugural address after inaugurating the third campus of the Indian Institute of Foreign Trade in Kakinada, Sitharaman referred to 'One District-One Product' and 'Vocal for Local', initiatives, aimed at promoting local products and creating their export markets. She said the Commerce Ministry was working on getting an export policy that would help the exporters by giving them incentives and promoting many things. There's a repetitive and very relevant line that the Commerce Minister refers to We can't be exporting taxes.' We also should identify ways in which those taxes whether Centre, State or local that are on these products should be removed so that we don't burden their exporters, the Finance Minister said. The

CII urges govt to consider lowering freight, power costs for exporters

Industry body CII on Thursday suggested the government a number of measures, including lowering freight and power costs for exporters and setting up a shipping regulator, to promote outbound shipments. CII National Committee on EXIM Chairman and Patton Group's MD Sanjay Budhia also asked for fast-tracking establishment of an export promotion body. There is also a need to do an internal export promotion and marketing exercise to get more businesses on the export markets, he said at the CII's national exports summit here. "Can we consider lower freight and power costs for exporters? It is not required to have subsidies but calibrated rates so that exporters are not cross subsidising other consumers. In this regard, including electricity costs under GST could be a way out to lower tax incidence," Budhia said. He added that the government can consider a carve-out under the national logistics policy for investments in trade-related infrastructure. States should be encouraged to work on

Exporters urge FM Sitharaman to extend GST exemption on export freight

An organisation of exporters wrote to Union Finance Minister Nirmala Sitharaman, urging her to extend the Goods and Services Tax (GST) exemption on export freight that lapsed on September 30. The Federation of Indian Export Organizations (FIEO) expressed concern that if the exemption is not extended, it will add to their liquidity challenges amid rising interest rates. Since its introduction in 2018, the government had extended the exemption twice till September this year. "Overseas freight rates had increased by 300350 per cent from preCovid levels. Now, there has been a slight decline in such rates, but these are still 200250 per cent higher than that of the 2019 levels," FIEO President A Sakthivel said. If the exemption is not renewed, exporters will be required to pay GST at 18 per cent on export freight, which will increase the logistical costs for Indian goods in the international market, he said. "Due to the recent increase in interest rates by the Reserve Bank of India, t

SBI asks exporters to trade with Bangladesh in rupee, taka: Report

"The country is facing a shortage of foreign currency due to higher import bills and weaknesses of Bangladeshi taka against dollar in recent times," the SBI said

FIEO plea for sops at odds with govt view

It is difficult to understand why the exporters want the taxpayers' money to further their businesses

Indian exporters should wait before hedging non-dollar exposure: Analysts

Exporters that have shipped goods and expect to earn euros, pounds and the yen are eyeing ways to manage the currency risk as the dollar surges against its major peers

Settling trade in rupee: FTP tweaks may allow traders export benefits

It is not clear if the changes will be part of the existing FTP or the new policy that the DGFT hopes to unveil in Sept

RBI's move to settle trade transactions in rupee timely: Exporters

Exporters said the move was a step towards acceptance of rupee as an international currency.

Govt to act against wheat exporters submitting back-dated papers: Minister

The government will take strict action against exporters who are trying to ship or have shipped wheat by submitting back-dated and improper documents following the ban on exports of the crop

SME Chatroom: Banks can write off import entry in IDPMS over quality issues

RBI rules allow AD Category-1 banks to close BoE for such import transactions where write-off is due to short shipment or destruction of goods by port/Customs/health authorities

Indians on Amazon Global Selling to enable $20 bn in exports by 2025

Amazon has doubled the exports pledge and the Indian exporters are on track to surpass $5 billion in cumulative exports on the e-commerce platform.

Several exporters get pending payments for shipments made to Russia

Several exporters have received pending payments for shipments made to Russia before February 24 -- the day Russia-Ukraine conflict began

UK's Winvesta offers Indian exporters alternative payment gateway

UK-headquartered Winvesta, a neobank building cross-border banking and wealth management solutions, has launched a foreign payment collections system for Indian exporters.

Go for $100-bn export target: Piyush Goyal to gem, jewellery exporters

He urged the industry to suggest ways to take the exports to that level by creating incisive marketing tools and irresistible designs

Ukraine crisis: Exporters explore 3 back-up routes to Russia, CIS nations

Russia, Ukraine account for around 80% of India's exports to CIS countries

Interest subsidy scheme for exporters extended till March 2024: RBI

The Reserve Bank on Tuesday extended the interest equalisation scheme for pre and post shipment rupee credit for MSME exporters till March 2024 with the objective of boosting outbound shipments.

Exporters bear the brunt as Russia-Ukraine crisis takes its toll

War could affect export demand as Europe is the largest national export market for India

Russia, Ukraine war impacting export cargoes to CIS nations, say exporters

CIS countries include Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine