EPCG

Generally speaking, the new FTP continues with the same old provisions under the major export promotion schemes

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

New policy is in line with government's priority towards moving from an 'incentive-based regime' to a 'remission and entitlement-based regime', thereby making the policy compliant with WTO rules

Apart from that, under the policy, e-commerce as export hubs (ECEH) will be set up through private initiative or in public-private partnership (PPP) mode, in partnership with the states or the Centre

The latest relaxation will be available for hotel, healthcare, and educational sectors, the commerce ministry said

With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee

There is no customs duty exemption for inputs used in the manufacture of capital goods in a bonded warehouse, even if they are supplied to an EPCG authorisation holder

If an LC specifies the details of a shipping mark, the documents mentioning the marks should show these details; additional information is acceptable provided it is not in conflict with the LC terms

Under the EPCG scheme, exporters can import capital goods at zero duty against export obligation (EO) of six times the duty saved to be fulfilled in six years

Under the scheme, imports of capital goods are allowed duty free, subject to an export obligation

A licence or duty credit scrip obtained through misrepresentation is voidable but not void till it is cancelled

The RA may allow one time extension of the said period for producing the certificate by a maximum period of 12 months with a composition fee of Rs 5,000

At present, the basic duty rates on most capital goods is 7.5 per cent