- Digitization of Applications pertaining to FTP: All Export promotion schemes processes for managing the lifecycle of AA/EPCG/DFIA/Import/Export Licensing have been made completely paperless and online.
- Reduction in processing time and immediate approval of applications(Advance Authorisation, EPCG, Revalidation of Authorisation & extension of export obligation) under automatic route for exporters within One Day.
- Reduction in user charges for MSMEs under AA and EPCG: Application fee is being reduced for Advance Authorization and EPCG Schemes will benefit 55-60% of exporters who are MSMEs.
- E-Certificate of Origin: Revamp of the e-Certificate of Origin (CoO) platform proposed to provide for self-certification of CoOs as well as automatic approval of CoOs, where feasible.
- Export performance threshold for Recognition of Exporters as Status Holders rationalized. Enabling more exporters to achieve higher status and reduced transaction cost for exports.
- Merchanting Trade Reform- To boost merchanting activities from India – Merchanting trade involving a shipment of goods from one foreign country to another foreign country without touching Indian ports, involving an Indian intermediary is allowed subject to compliance with RBI guidelines, except for goods/items in the CITES and SCOMET list.
- FTP benefits are extended for rupee realisations through special Vostro accounts setup as per the RBI circular issued on 11 July 2022.
- Special one-time Amnesty Scheme for default in Export Obligations under EPCG / AL. The scheme shall be available for a limited period, up to 31st December 2023.
Foreign Trade Policy is formulated by DGFT , but is administered in close coordination with other agencies. Important authorities dealing with FTP are:
- Director General Foreign Trade: (http://dgft.gov.in/) DGFT is the nodal body formulating the Export Import Policy. It works under the Ministry of Commerce. DGFT has several offices in various parts of the country which issues licenses, incentives etc based on the policy formed by the headquarters at Delhi.
- Customs: (http://www.cbec.gov.in/): Customs are responsible for clearance of export and import goods after their valuation and examination. Customs follow the policy formed by the DGFT while clearing the goods. Customs works under the Ministry of Finance.
- GST: (http://www.cbic.gov.in/): Since there is a GST on almost all the manufactured products, GST authorities need to be involved for all matters of exports, where goods have to be cleared without duty. GST authority works as Customs Departments at various required places, and has a crucial role in the procedural aspects. They work under Ministry of Finance.
- Reserve Bank of India (RBI): (https://www.rbi.org.in/): RBI is the nodal bank in the country which formulates all the policy related to management of money, including payments and receipts of foreign exchange. It also monitors the receipt and payments for exports and imports. RBI works under the Ministry of Finance.
- Indian Customs Electronic Gateway (ICEGATE) https://www.icegate.gov.in/: ICEGATE is the national portal of Indian Customs of Central Board of Indirect Taxes and Customs (CBIC) that provides e-filing services to the Trade, Cargo Carriers and other Trading Partners electronically. ICEGATE serves as an interface between the trade users and the Customs Department and acts as a hub for exchanging information with external trading partners involved in international trading. One needs to register with ICEGATE to file Bill of Entry, shipping bills, Import Goods Manifest, Export Goods Manifest, eScrip Generation and Processing and other vital documents online.