Please find below synopsis of recent important updates issued by DGFT for your quick reference:
Office Memorandum: F. No. 605/58/2015-DBK (Pt. II) dated 12 Nov 2020:
The MEIS, introduced in April 2015, will be wound up by 31 December 2020. The government has already announced the Remission of Duty or Taxes on Export Products (RoDTEP) scheme to replace MEIS. Under RoDTEP, the remission of embedded taxes and other levies on exports shall be allowed.
However, on account of un-availability funds for the existing MEIS scheme, the applications of MEIS from April 2020 was on hold by the time another fund has been allocated. The Ministry of Finance, Drawback Division on 12 November 2020 has issued captioned Office Memorandum giving relief to exporters by approving below allocation under the incentive scheme MEIS for exports:
- Rs 39,097 crore for 2019-20
– Rs 10,555 crore for the period April 1, 2020 to August 31, 2020; and
– Rs 5,000 crore for the period September 1, 2020 to December 31, 2020.
This has come as a major relief to liquidity hit to exporters particularly from MSME. We shall keep you posted on any further Notification / Clarification issued by DGFT enabling exporters to file applications online.
Trade Notice No. 35/2020-21 dated 12 November 2020:
In continuation to guidelines issued by DGFT on the linking of IECs in the new DGFT online environment, it is hereby informed that DGFT services for Advance Authorization, EPCG, DFIA and Norms are soon to be migrated to the new Online DGFT systems.
In this regard, services for amendment of any Advance Authorization, EPCG or DFIA Licenses would be temporarily suspended from 12:00 PM on 20th November 2020 till 30th November 2020. The amendment of licenses includes cases of re-validation, invalidation, value enhancement, EO extension etc. However, the services for new license issuance, or submission of any new application file would remain available throughout this period.
If Exporters / Importers have yet not registered and linked their IECs in on the DGFT website (https://dgft.gov.in), it is advisable to complete the process well in advance, as this is a prerequisite for filing online applications/claims in the new IT environment.
As we all are aware, existing Foreign Trade Policy (2015-2020) was extended for a year till 31 March 2021. In order to prepare a new five year Foreign Trade Policy, suggestions / inputs are invited from industry and trade bodies. You can send suggestions in the google form as provided in Trade Notice. Alternatively, you can send your suggestions to us and we shall submit the google form on your behalf for legitimate inputs and suggestions.
We have attached Office Memorandum and linked Trade Notices in their subject line for your quick reference.
Feel free to connect on email@example.com if you require any additional information / clarification in this regard.
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