Helplinelaw - legal solution world wide  
 
round round
A New Business Concept in India
Arbitration Under The Arbitration And Concilliation Act 1996
Business Development, Promotion and Investment
Intellectual Property Rights
More...
Change in Pecuniary Jurisdiction of City Civil Courts helps ease burden of Bombay High Court
Appeals
Appeals before the supreme court of India
APPEAL TO THE HIGH COURT
More...
How the Law will take its course in Sheena Bora Murder Mystery
Adulteration of Drugs
Adulteration of Food or Drink Intended For Sale
Adultery
More...
After amendments to the Juvenile Justice Law, is India in violation of the Child Rights Convention?
Adoption
Adoption among Hindus
Adoption under different laws in India
More...
Accidents Claims Under The Motor Vehcles Act, 1939
Anti- money laundering laws in India
Caveat Petition
Central Excise Duty
More...
‘Visa on Arrival’ – Making travel so much easier!
Cause Lists
Devyani Khobragade Case
Gambling - Legal status in India
More...
Fall Out of Real Estate Boom- A Consumer\'s Perspective
Hire-Purchase
Absence of Will
Lease
More...
Basis on which Masarat Alam Bhat walks a free man today - read the High Court J & K Judgetment 2012
Compact Disc to be Admitted as an Evidence
Dashrath Rupsingh Rathod vs. State of Maharashtra & Anr (criminal appeal no. 2287 of 2009
Dr. N.Y. Kachawalla vs. The Orbit Corporation Limited (Consumer Complaint No. 321 of 2013)
More...
search a lawyer
Country:
City:
ACTS, STATUTES
letterboxSubmit Article
loginArticle Login
 
lawyer
Find a Lawyer :
Country :
City :
Category :
 
Home > Interim Foreign Trade Policy (2009-10)
Interim Foreign Trade Policy (2009-10)
Interim Foreign Trade Policy (2009-10)
The interim foreign trade policy unveiled by the Government has offered incentives for the leather and textiles sector, eased trade restrictions on the gems & jewellery industry and relaxed export obligations.

The Government has scaled down the country's export target for the current fiscal year from $200 billion to $170-175 billion, in the backdrop of the global downturn, while $200 billion export target has been set for the fiscal 2009-10.

The sops announced by commerce and industry minister Kamal Nath include a special package of Rs 325 crore for the textiles and leather sectors and a proposal to lower the threshold limit for recognition as premier trading house from Rs 10,000 crore to Rs 7,500 crore. A 5% duty credit is now allowed for the export of handmade carpet under the Focus Product Scheme, against 3.5% given earlier.

The policy has also focussed on the gems & jewellery sector, one of the most affected by the global recession. It removed import restrictions on worked corals and has made more additions in the list of authorized agencies for the purpose of import of precious metals. Now the STCL Limited, Diamond India Limited, MSTC Limited, Gem & Jewellery Export Promotion Council and star trading houses have been added under the list of nominated agencies. Authorised person of Gem & Jewellery units in EOU shall be allowed personal carriage of gold up to 10 kg in a financial year.

While Srinagar will have a new office of the Directorate General of Foreign Trade (DGFT), Bhilwara in Rajasthan and Surat in Gujarat have been recognized as towns of Export Excellence for textiles and diamonds respectively.

Recognising the delay in payments from foreign buyers due to the financial crisis, the government has decided to issue duty credit scrips (authorization for duty free imports) under the duty entitlement pass book (DEPB) scheme - a popular import duty reimbursement scheme for exporters - without waiting for realization of export payments. This would help ease capital requirements of exporters. It also allowed the use of the duty credit scrips for import of restricted items.

Export obligations have been relaxed for exporters who imported machinery at concessional rates under the export promotion capital goods scheme. It has brought down the export obligation and allowed more time to meet these targets.

Export obligation period against advance authorisations have been extended up to 36 months from the present 24 months. The threshold limit for recognition as premier trading houses that get various concessions including self-certification of cargo has been reduced to Rs 7,500 crore from Rs 10,000 crore at present.

Now 100% Export Oriented Units (EOUs) will be reimbursed additional duty on excise on top of the excise duty they were already entitled to.

The government has also allowed export of blood samples without license after obtaining no objection certificate from the Director General of Health Services (DGHS).

Export obligation period against advance authorizations has been extended up to 36 months in view of the present global slowdown. Re-imbursement of additional duty of excise on fuel would also be admissible for EOUs. Customs duty under export promotion capital goods scheme cut to 3% from 5%.

It has also been clarified that architectural, general insurance, market research, storage and warehousing services and knowledge and technology based services used outside India are treated as export of services and any duty paid will be refunded.
 
round round
india entry
LEGAL SERVICES
Add Lawyer
Legal Enquiry
Find a Lawyer
Bare Acts / India Codes
Statutes / Code
LAWYER BY LOCATION
India Lawyer
United State Lawyer
UAE Lawyer
Canada Lawyer
Find More...
LAW PRACTICE AREA
Business Law
Employment & Labor Law
Govt. Agencis & Taxtion
Family Law
Real Estate Property Law
Immigration Law
ABOUT HELPLINELAW
About Us
Contact Us
Services
Site Map
Recommend to Friends
© copyright 2000-2015, Helplinelaw.com Terms of USE
This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice in India abroad regarding their individual legal, civil criminal issues or consult one of the experts online.