Govt Clarifies Import Curbs On Studded Gold Jewellery Exempt For SEZ Units
Date
6/20/2024 2:28:08 PM
(MENAFN- KNN India)
New Delhi, Jun 20 (KNN) In a policy circular issued by the Directorate General of Foreign Trade (DGFT), the government has clarified that the recently imposed import restrictions on certain types of studded Gold jewellery are not applicable to units operating within Special Economic Zones (SEZs), with the exception of Free Trade Warehousing Zones.
On June 11th, the DGFT had issued a notification imposing curbs on the import of these jewellery items, primarily aimed at discouraging inbound shipments from countries like Indonesia and Tanzania.
However, after receiving representations from SEZ units highlighting the issues faced due to this notification, the DGFT has now exempted them from these restrictions.
SEZs play a crucial role as key export hubs, contributing over one-third of the country's total outbound shipments in the previous fiscal year.
These enclaves are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market.
Data from the DGFT reveals that exports from SEZs rose by over 4 per cent to USD 163.69 billion in the financial year 2023-24.
As of March 31st, 2024, 423 such zones have been approved by the government, with 280 currently operational.
Additionally, as of December 31st, 2023, a total of 5,711 units have been approved within these zones.
The DGFT's clarification aims to address the concerns raised by SEZ units and ensure the smooth functioning of these crucial export hubs, which play a vital role in the country's international trade.
(KNN Bureau)
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