The process for applying for an amnesty programme for a one-time settlement of certain exporters’ export requirement default was outlined by the Commerce Ministry on Monday. The regional authorities were instructed to complete any such applications within three working days by the Directorate General of Foreign Trade (DGFT), a division of the ministry.
“Application for AA (advance authorisation)/EPCG (export promotion for capital goods) discharge/closure shall be filled online by logging onto the DGFT website and navigating to services,” the DGFT said in a policy circular.
On March 31, the Government unveiled its new foreign trade policy (FTP). A one-time settlement of export obligation default by the holders of advance and EPCG (export promotion for capital goods) authorisations was made possible through an amnesty programme for exporters.
The scheme allows the authorisation holder to regularise all pending cases of the default in fulfilling export obligations (EO) of specific authorizations upon payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted.
The DGFT announced new HSN codes for technical textiles items in another trade notice.
Every product is categorised using an HSN code (Harmonised System of Nomenclature) in trade jargon. It aids in the global classification of items in a methodical manner.
Although though technical textiles have their own codes, it was noted that imports and exports have not been recorded using the relevant HS codes, and the transaction appears to still be recorded using other accessible codes.
“Accordingly, the matter has been reviewed in consultation with the textiles ministry and it is reiterated that all importers/exporters should file their bill of entry/shipping bill with specific HSN codes available for man-made fibre and technical textiles under…and to avoid using any other codes,” it said.
A list of 32 codes has been made available to the industry to make it easier for recognition and to enable them record their imports and exports under the appropriate product category. If further codes are needed, it urged the industry to recommend them.
