(MENAFN- KNN India)
New Delhi, Jun 19 (KNN) The Directorate General of Foreign Trade (DGFT), an arm of the Ministry of Commerce, has proposed amendments to the export obligation period for certain sectors, including spices, pharmaceuticals, and tea, with the aim of facilitating outbound shipments.
The government has invited comments from all concerned stakeholders on the proposed amendments within a period of 15 days.
Under the Advanced Authorisation Scheme, the government allows duty-free import of inputs used for manufacturing goods solely for export purposes, subject to an export obligation period.
Exporters are required to ship the goods within a stipulated time frame, failing which they may face penalties.
To amend the export obligation period, the DGFT has proposed revisions to Appendix 4J of the Handbook of Procedures of the Foreign Trade Policy 2023.
According to the DGFT, numerous representations have been received from Export Promotion Councils (EPCs) and exporters regarding the review of the appendix. The proposed amendments aim to facilitate exports and promote a higher trust-based ecosystem.
The appendix outlines the sectors and their respective export obligation periods.
The proposed changes include the addition of wheat, raw sugar, natural rubber, maize, and walnut to the list. It is worth noting that the export of wheat is currently banned in India.
The DGFT, in the proposed amendments, has relaxed the obligation period for various sectors, including spices (12 months), coconut oil (6 months from 90 days), silk in any form (12 months from 9 months), wheat (6 months), raw sugar (6 months), natural rubber (12 months), maize (6 months), and walnut (6 months).
The ministry has urged all stakeholders to provide their comments, suggestions, and views regarding the proposed amendments for consideration.
(KNN Bureau)
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