FTP introduces amnesty scheme for default in export obligations
New Delhi: The new Foreign Trade Policy will introduce an amnesty scheme for exporters to help them close old pending authorisations and start afresh.
The Amnesty scheme shall be available for a limited period, up to September 30, 2023, as per the FTP which will be effective from April 1.
In line with "Vivaad se Vishwaas" initiative, which sought to settle tax disputes amicably, the government is introducing a special one-time Amnesty Scheme under the FTP 2023 to address default on Export Obligations, according to the commerce ministry.
The scheme is intended to provide relief to exporters who have been unable to meet their obligations under Export Promotion Credit Guarantee (EPCG) and Advance Authorisations, and who are burdened by high duty and interest costs associated with pending cases.
"All pending cases of the default in meeting Export Obligation (EO) of authorisations mentioned can be regularised on payment of all customs duties that were exempted in proportion to unfulfilled EO.
"The interest payable is capped at 100 per cent of these exempted duties under this scheme," the ministry said.
However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty. This is likely to provide relief to exporters as interest burden will come down substantially.
The FTP also lays emphasis on streamlining the Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) procedure.
India is placing more emphasis on the "export control" regime as its integration with export control regime countries strengthens, the ministry said.
There is a wider outreach and understanding of SCOMET among stakeholders, and the policy regime is being made more robust to implement international treaties and agreements entered into by India, it added.
The ministry explained that a robust export control system in India would provide access of dual-use high end goods and technologies to Indian exporters while facilitating exports of controlled items/technologies under SCOMET.
Under the new Foreign Trade Policy, the application fee is being reduced for Advance Authorisation and EPCG schemes. The move will benefit 55-60 per cent of exporters who are MSMEs.
The reduction in fee structures and IT-based schemes will make it easier for MSMEs and others to access export benefits, the ministry said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
FIR against 3 Raj Bhavan officials for 'restraining' woman who accused WB Governor of molestation
Kolkata (PTI): A case was lodged against three officials of the Raj Bhavan here for allegedly wrongfully restraining the woman, who accused Governor C V Ananda Bose of molesting her, police said on Saturday.
The FIR against the three officials was lodged at the Hare Street police station after the woman, a contractual employee of Raj Bhavan, recorded her statement before a magistrate in the molestation case, a police officer said.
"The three officers have been included in the FIR for stopping the complainant woman from leaving Raj Bhawan by wrongfully restraining her on May 2. We will investigate their roles on that evening," the officer said.
On May 2, the woman had alleged molestation by Bose following which the Kolkata Police started a probe.
Under Article 361 of the Constitution, no criminal proceedings can be instituted against a governor during his term in office.
