Foreign Trade Policy 2015-2020 extended for one year

Speed Post News Network

New Delhi : The Union Commerce and Industry Ministry on March 31, 2020, announced changes in the Foreign Trade Policy (FTP) of Government of India. The present Policy, which came into force on April 1, 2015, is for 5 years and has validity up to 31^st March 31, 2020. In view of the unprecedented current situation arising out of the pandemic novel COVID-19, the Government has decided to continue relief under various export promotion schemes by granting extension of the existing Foreign Trade Policy by another one year i.e. up to  March 31, 2021.

Several other relief measures have also been announced to support trade and industry. Salient points of the changes made in the FTP are : 1. To provide continuity in the policy regime, the current FTP, valid till March 31, 2020, has been extended till March 31, 2021. Similar extension is made in the related procedures, by extending validity of Hand Book of Procedures

2. Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be available for another 12 months. Decision on continuation of SEIS will be taken and notified subsequently

3. Validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits

4. Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc. has been extended up to March 31, 2021.

5. The scheme for providing “Transport Marketing Assistance on the specified Agricultural Products” is further extended for one year.

6. Validity period for making imports under various duty free import authorisations (AA/DFIA/EPCG) expiring between February 1, 2020 and July 31, 2020, has been allowed automatic extension for another six months from the date of expiry, without requirement of obtaining such endorsement on these authorisations.

7. Whereever the period to make export is expiring between February 1, 2020 and July 31, 2020 under various authorisations, automatic extension in the export obligation period is allowed for another six months from the date of expiry, without payment of any composition fee, according to a PIB release.