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FIEO seeks more procedural simplifications in FTP

02
Jun '12
Over the year the Government has taken various initiatives to simplify and rationalize the procedural complexities in exports. Such measures have considerably reduced exporters transaction time and cost. Still, Indian exporters have to suffer transaction cost about 8% to 10% of the value of exports.

This was stated by Mr. Rafeeque Ahmed, President, Federation of Indian Export Organizations (FIEO). According to Mr. Ahmed, FIEO has suggested various procedural simplifications like clubbing exports from different Ports for grant of Duty Credit Scrips, dispensation of Registration and Verification of Duty Credit Scrips for exports from EDI Ports, exemption from Terminal Excise Duty under deemed exports, EDI connectivity among all the thirteen agencies involved in imports and exports, etc.

All these will help in reducing the transaction cost and time of exporters, and the Foreign Trade Policy is likely to minimise procedural hurdles, added Mr. Rafeeque Ahmed.

He informed that under Export Promotion Capital Goods (EPCG) Scheme also, FIEO has sought concessions in export obligation fulfilment and suggested several measures to this effect. Currently, certain facilities like import of spares under EPCG Scheme available under the Foreign Trade Policy provisions are not being allowed by the Customs. Exporting community hope that all such lacunae will be cleared in the new Foreign Trade Policy provisions.

Federation of Indian Export Organizations (FIEO)


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