Govt extends current foreign trade policy till Sept 30–business today

Clipped from: https://www.businesstoday.in/current/economy-politics/govt-extends-current-foreign-trade-policy-till-sept-30/story/435360.html

The government had extended the Foreign Trade Policy 2015-20 for a year till March 31, 2021 on March 31, 2020 amid the coronavirus outbreak

Foreign trade policy 2015-20 extended till Sept 30

The government on Wednesday extended the existing foreign trade policy (FTP) for six more months. The current policy will now be valid up to September 30, instead of March 31, stated the Ministry of Commerce and Industry in a notification. FTP provides guidelines to enhance exports to push economic growth and create jobs.

Here’s what the notification says:

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy (FTP) 2015-2020, the Director General of Foreign Trade hereby makes, with immediate effect, the following amendments:

In the Handbook of Procedures (HBP), 2015-20:

1. In para 1.01, the phrase ‘shall remain in force until 31st March, 2021’ is substituted by the phrase ‘shall remain in force until 31th September, 2021.’

2. In para 3.20(a), the phrase ‘or 31.03.2021, whichever is later’ is is substituted by the phrase ‘or 30.09.2021, whichever is later.’

3. In para 4.12(vi), the date ‘31.03.2021’ as appearing in the first sentence is substituted by ‘30.09.2021.’

Effect of this Public Notice: Validity of the existing Hand Book of Procedures, 2015-20 is extended upto 30th September, 2021.

The government had extended the Foreign Trade Policy 2015-20 for a year till March 31, 2021 on March 31, 2020 amid the coronavirus outbreak.

Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) are incentives offered by the government under the FTP. DFIA allows import of certain goods like sugar at zero duty, while EPCG allows import of certain amounts of capital goods at ‘zero duty’ for upgrading technology-related exports.

Exports during April-February this fiscal dipped by 12.23 per cent to $256 billion. Imports during the period too declined by 23.11 per cent to $340.8 billion, leaving a trade deficit of $84.62 billion.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s