An interaction was organized by the Ministry of Commerce and DGFT to interact with exporters and industry at large with regard to the new Foreign Trade Policy which most likely will be unveiled on 1st April 2021.
Mr. Sanjay Beswal had made a brief presentation on issues of the industry and the suggestions which may be WTO compliant and without the proportionate costs to the exchequer. Following were the main points/suggestions in the presentation made by him:
To make a comprehensive Foreign Trade Policy, including the regulations and notifications from all the ministries with regard to Import and Export so that all the information is at one place making it easier for exporters and importers.
RoDTEP scheme is not available for Advance License / DFIA holders which appears to be an anomaly.
Extension of SEIS scheme, and also for Indian entities executing projects abroad.
Simplification of Advance License scheme with some suggestions on viable procedures.
Continuation of EPCG scheme which is creitical for Industry at this crucial juncture.
Declaring 2020-21 as zero year with regard to export obligations due to Covid – 19.
Extension of Deemed Export benefits to other strategic projects to help Atma Nirbhar cause.
Merchant trade provisions to allow trade of goods that are restricted but not prohibited in India.
Revision of procedure and documentation for Brand Rate of Duty Drawback scheme.
Implementation of e-wallet scheme for exporters to help liquidity issues.
A few other issues related to GST which are important for exporters.
We are preparing a note on the likely changes in the new Foreign Trade Policy based on various information and consultations and would update with the same shortly.