Page 21 - Trade Exports

CHATROOM: Merchanting trade transactions must be completed within 9 months

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

Pilot launch of revamped eRBC system for exporters from November 15

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders. An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services. This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules. eBRCs can be generated for outbound shipments of goods, services and deemed exports. According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT. Based on the messages received, the exporters would self-certify their eBRCs. "The enhanced eBRC system shall enable exporters to reduce

Dark underbelly of carbon trade

World leaders need to learn from the mistakes of the voluntary carbon market so that this new market mechanism does not repeat them

Soymeal exports likely to pick up soon as global prices rally: Report

US soymeal futures jumped 20% in five weeks as erratic weather has caused problems in the world's No. 1 exporter Brazil

India's services trade surplus bounces back in Sept quarter of FY24

In the September quarter, services exports hit $83.4 billion while services imports eased to $43.4 billion, leading to a services trade surplus of $40 billion

NCDEX suffers major losses as suspension of futures gets extended

The commodities are paddy (non-basmati), wheat, chana, mustard seed and its derivatives, soybean and its derivatives, crude palm oil and moong

India's mango exports witness a 19% jump at $47.98 bn during 2023 season

In the 2023 season, India exported mangoes to 41 countries by exploring new destinations such as Iran, Mauritius, Czech Republic, and Nigeria

Ashok Leyland expects 20% revenue from exports in 5 years: Dheeraj Hinduja

Hinduja group-owned commercial vehicles maker Ashok Leyland expects over one-fifth of its revenue to come from exports in the next five years, according to company's Executive Chairman Dheeraj Hinduja. The thrust is to see Ashok Leyland among the top 10 global original equipment manufacturers (OEM), said Hinduja at Carlton House Terrace, London, UK, during a select media roundtable with the Hinduja family members here. The company, which is investing around Rs 1,000 crore to set up a bus manufacturing facility near Lucknow in Uttar Pradesh, expects the first vehicle to roll out within 15-18 months. Besides, Ashok Leyland has plans to enter Europe with electric buses in 2025, said Hinduja. As per its strategy, the company would focus only on the commercial vehicle segment and has no plans to enter the passenger vehicle segment as of now, he said. There is "room to grow with commercial vehicles" and a "much better growth path" in the segment, said Hinduja. In financial year ended M

Amit Shah to launch logo, website, and brochure of NCEL on Monday

Cooperation Minister Amit Shah will on Monday launch a logo, website and brochure of a newly established National Cooperative for Exports Limited (NCEL) at a national symposium in the national capital. Shah will also distribute membership certificates to NCEL members at the symposium to be organised at the Pusa complex here. "A wide range of issues, including channelising cooperatives for linkages to export markets, the potential of Indian agri-exports and opportunities for cooperatives, among others, will be discussed in the symposium," the ministry said in a statement. NCEL came into existence after Shah put an emphasis on the need to establish a national-level multi-state cooperative society to function as an umbrella organisation for exports by the cooperative sector. NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of Rs 2,000 crore and those cooperative societies from the level of primary to a

Imported food item for re-export doesn't need clearance, says FSSAI

The FSSAI advisory should also come as a big relief in ease of doing business

Overall trade gains may be limited for India in FTA with UK: GTRI

Negotiations for the FTA are in the final stages, with both countries engaged in weekly discussions

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

US warned China to expect updated export curbs in October: US official

Providing China with a heads up about the rules is part of a broader bid by the Biden administration to stabilize relations with Beijing

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

Navigating the evolving trade landscape

In an era of shifting trade dynamics, India stands at the crossroads of opportunity, but being adaptable will be key

Export of auto parts must hit $100 bn by 2030: SCALE chairman Pawan Goenka

Speaking to Sohini Das, Goenka said that start-ups are playing a huge role in electric vehicle transition

China's urea export curbs may not hit India much, push up global rates

But it could push up global rates

China's exports fall for 4th consecutive month showing pressure on trade

The customs data released on Thursday further showed that imports also slid 7.3% to $216.51 billion

Right policies will help India reach $2-trn exports by 2030: Sanjay Budhia

Right policies and a proactive approach by the government will help India achieve USD 2-trillion exports target of goods and services by 2030, Chairman, CII national committee on EXIM, Sanjay Budhia, said here on Friday. He said the global economy is still going through turmoil due to geopolitical tensions and the trade environment remains challenging. "With the right policies, coupled with fearless and proactive approach and implementation, India can stay on positive growth trajectory to achieve the ambitious export target of USD 2 trillion by 2030," he said at a workshop on export control on dual-use items. He added that despite a turbulent global economy and headwinds, several path-breaking policy initiatives were implemented and put in action by the government and the country. Budhia, the Managing Director of Patton Group, said the new Foreign Trade Policy 2023 could be a game changer to put India at a leadership position on the global exports map. "The policy has focused on .

Comm min to organise workshops on promoting exports via e-commerce

The commerce ministry on Friday said it has decided to organise monthly workshops to raise awareness about ways to promote exports through e-commerce mediums. The Foreign Trade Policy 2023 has mandated to handhold and conduct outreach programmes to promote e-commerce exports. In addition to increasing awareness about e-commerce-related rules and processes, actions for capacity building and skill development for the promotion of exports through online medium is also mandated. "In this regard, monthly workshops on e-commerce exports are proposed by this directorate," according to a trade notice of DGFT (Directorate General of Foreign Trade). The workshops will cover aspects related to cross-border logistics, postal and customs compliances and cross-border payment mechanisms. "The proposed workshops shall be held during the 1st week of each month through Video Conference. In-person workshops shall also be organised where feasible," it said. The DGFT has also invited experienced ...