Foreign Trade Policy: Key Highlights
Following are the highlights of the annual supplement to Foreign Trade Policy announced by Commerce, Industry and Textiles Minister Anand Sharma.
New Delhi: Following are the highlights of the annual supplement to Foreign Trade Policy announced by Commerce, Industry and Textiles Minister Anand Sharma:
* Several benefits for exporters of textiles, engineering and sports products.
* Zero duty EPCG Scheme extended beyond March 2013, now all export sectors to get the benefit.
* Specific export obligation reduced by 10 percent to promote domestic manufacturing of capital goods,
* 134 sub-sectors of engineering included in 2 percent interest subvention scheme.
* Certain type of duty credit scrips can be used to pay service tax.
* Exports to Norway and Venezuela to get duty benefit.
* 126 engineering, electronics, chemicals, pharma and textiles items included in Focus Product Scheme.
* Exports of hi-tech products to be incentivised.
* Incremental Export Incentivisation Scheme for exports to US, EU and Asia to be continued in FY'14.
* Import of cars/vehicles would also be allowed at ICD Faridabad and Ennore Port.
* Govt sets up another task force to suggest steps to further reduce transaction cost for exporters.
* Steps to be taken towards easing documentation and other procedural simplification.
* Sharma announces widening of items eligible for import of handloom, made ups and sports goods.
* Govt announces 'package of reforms' for revival of investors' interest in SEZs.
* Minimum land area requirement to set up SEZ reduced by half.
* Now no minimum land requirement for IT'\ITES SEZs.
* Govt permits transfer of ownership of SEZ units, including sale.