SIMA welcomes supplement to Foreign Trade Policy

12 Apr '08

3 min read

Some of the simplifications made in the cumbersome export procedure include:-
• Advance Authorisation Scheme and EPCG Scheme will be brought under EDI system with effect from 1.7.2008
• Payment of duty under EPCG Scheme through debit of DEPB for other duty credit scrips would be allowed with effect from 1.1.2009
• In case of import of spares under EPCG Scheme, installation certification shall be submitted within a period of three years from the date of import.
• With effect from 1.1.2009, all existing EDI ports will be treated as single port and there will be no requirement of TRA under Advance Authorisation

In addition, supplement also extended the following benefits for one more year considering the plight of the industry:-
• The interest subvention extended by one year i.e., interest relief already granted for sectors affected adversely by appreciation of Rupee extended for one more year
• Terminal Excise Duty and CST refund shall be made in time. In case of delay, interest @ 6% per annum shall be paid by the Government within one month of its becoming due, on all claims that have become due on or after 1.4.2007
• The income-tax exemption available to 100% EOUs under Section 10B of the Income Tax Act extended

SIMA chief has appealed to the Central Government to issue Notifications for various incentives and measures announced in the annual supplement to Foreign Trade Policy 2004-09 so that the industry could take advantage of the new Schemes at the earliest.

Southern India Mills Association (SIMA)

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