Under New Foreign Trade Policy 2023
Export Promotion Initiatives
The FTP 2023-28 has introduced initiatives to promote exports and facilitate trade in India. These include rationalizing export performan ce thresholds for recognition of exporters as status holders, allowing merchanting trade involving shipment of goods from one foreign country to another, accepting rupee payments under FTP schemes, and declaring four new towns of export excellence.
These initiatives will reduce transaction cos ts and enable more exporters to achieve higher status, ultimately promoting international trade and economic growth.
- Facilitation under the Advance authorization Scheme (AAS)
- Features of Advance Authorisation Scheme
- Duty-fre e import of raw materials for manufacturing export items.
- It has been no w extended to the export of the Apparel and Clothing sector
- Facilitation under the Export Promotion of Capital Goods (EPCG) Scheme
- Features of EPCG Scheme
- Import of capital goods at zero Customs duty for export production, is being further rationalized.
- Green Technology products – will no w be eligible for reduced Export Obligati on requirements under EPCG Scheme
- Special one-time Amnesty Scheme
under which Exporters who have been unable to meet their obligations under EPCG and Advance Authorizations can be regularised on payment of all customs duties exempted in proportion to unfulfilled export obligations.
- Merchanting trade
- Shipment of goods from one foreign country to another foreign country without touching Indian ports, involving an Indian intermediary.
- Merchanting trade of restricted and prohibited items under the export policy would no w be possible.
- Facilitating E-Commerce Exports
Establishing e-commerce hubs and related elements such as payment reconciliation, bookkeeping, returns policy, and export entitlements.
- Internationalization of Trade in Rupees
International Trade Settlement in INR allowed, and changes introduced in the FTP for grant of export benefits & fulfilment of Export Obligati on for export realizations in INR as per RBI guidelines
- Continuance of existing schemes:
- Duty Exemption / Remission Schemes
- RoSCTL Scheme
- Streamlining of existing SCOMET policy
- RoDTEP Scheme – Features
- Refun d of Embedded Duties and Taxes
- WTO Compliant Scheme
- Procedural Compliance
- Registraion on ICEGATE website
- Issue of E-Scrips under RoTDEP scheme
- Rat es & entitlement
- Status Holder Certificate – Revised norms
- Deemed Exports