Exporters and importers have always demanded that we should receive regular updates about what is happening in our industry. We need to know what’s currently going on, the new notifications, and how they will impact us. We want to understand the advantages and disadvantages, as well as the necessary compliance steps we should take. We need all this information on a regular basis so that we can always make well-informed decisions.
Keeping this demand of the Exim (Export-Import) Industry in mind, we are starting a new series that is the first of its kind. In this series, apart from regular conceptual and informative videos, every Tuesday we will upload a short video of less than 5 minutes. In this blog, you will receive all the important updates from the previous week in a simple and concise manner. This series will be extremely beneficial for new Exim startups, owners of import-export businesses, and professionals working in the Exim field. So, let’s get started!
General News in Exim Industry
You all are aware that starting from November 1, 2023, the government has announced that companies will need a Restricted Import license to freely import laptops, tablets, PCs, servers, and other similar products.
There’s a significant update on this topic from reliable sources, and the update is that the government is likely to further postpone this decision.
Starting from November 1, the government plans to establish an “Import Monitoring/Management system” to keep track of the import of these products. Gradually, possibly from the new financial year, the government may announce yearly import quotas for laptops, tablets, PCs, servers, etc.
These quotas will be determined for each company based on three parameters:
The average value of total IT hardware imported in the last 3 fiscal years.
The extent of domestic manufacturing of IT hardware devices.
The export of electronic goods.
For the current fiscal year, the government will primarily monitor the source and value of imports through the Import Monitoring system, allowing companies to import as much as they need to meet demand. Quotas and other compliance measures will be introduced later.
The RoDTEP (Remission of Duties and Taxes on Exported Products) scheme for the export of pharmaceuticals, chemicals, and steel is likely to be extended by 6 months. As you may know, initially, the RoDTEP scheme did not provide benefits to exporters of pharmaceuticals, chemicals, and steel. However, the benefits for these products’ exporters started from December 15, 2022, but were initially set to end on September 30, 2023. Considering the current export conditions, it appears that this benefit will be extended for an additional 6 months for exporters of pharmaceuticals, chemicals, and steel.
Currently, it does not seem likely that the government will include EOU (Export Oriented Units)/ SEZ Units or shipments under Advance Authorization in the RoDTEP scheme.
Please watch our short Video on Export Import [EXIM] Business Weekly Updates – General News | New Notifications | 28 Aug to 24 Sep 2023
DGFT & CBIC Important Notifications.
Now, let’s discuss some important notifications from the Directorate General of Foreign Trade (DGFT) and the Central Board of Indirect Taxes and Customs (CBIC):
There’s a significant update regarding e-commerce exports. The government has issued a notification instructing banks and other financial institutions to provide Pre-shipment/Post-shipment Export Credit and Packing Credit Loan in Foreign Currency (PCFC) facilities to e-commerce exporters. This is a crucial step aimed at promoting e-commerce exports from India. Additionally, DGFT has announced that, as per the new Foreign Trade Policy (FTP) Guidelines, they will conduct monthly workshops to support and guide e-commerce exporters in understanding various rules, processes, skill development, and capacity building. These workshops will cover topics such as cross-border logistics, postal and customs compliances, and cross-border payment mechanisms.
DGFT has also removed 29 chambers/agencies from Appendix 2E for issuing Certificates of Origin (CoO) [Non-preferential]. DGFT’s rationale is that despite repeated reminders, these agencies did not take the necessary actions to come onboard the e-CoO common platform for online issuance of CoO (Non-preferential). Exporters should take note that, with immediate effect, CoO issued by these 29 agencies will not be considered valid.
Who are We & Why choose Us?
We at AFLEO Group, are a team of DGFT & Customs Experts having a rich experience of 10+ Years in Exim Consultancy & International Logistics [Freight Forwarding] and also deal in Buy/Sell/RODTEP/ROSCTL/DFIA License. With our vast knowledge and experience in this field, we can represent your case for all the activities pertaining to the services and get it in a hassle-free manner. We are well-equipped to handle the logistics of global trade with efficiency and expertise. Let us handle the logistics while you focus on growing your business. Contact us today to learn more about how we can help you streamline your supply chain and increase your bottom line. We are dedicated to providing efficient and cost-effective logistics services to help our clients.
So do get in touch with us for any of your requirements and our team will be happy to help you.
We request you to share this information with your other Industry friends, Trade associations, as this information might help them as well.