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Govt May Reduce Timeframe for Meeting Export Obligations 16 Oct 2012  
Govt May Reduce Timeframe for Meeting Export Obligations

Govt May Reduce Timeframe for Meeting Export Obligations

 

KOLKATA, Oct. 15 The Union Government may further reduce the timeframe for meeting export obligations against imports through advance licenses to 12 months from the existing 18 months, which would help it to speed up exports and plug loopholes in the entire process, Mr. Anup K. Pujari, Director-General of Foreign Trade (DGFT), said here recently.

Speaking at an export-import summit, he pointed out that the government had earlier reduced the timeframe to 18 months from 24 months.

“It was reduced to 18 months from 24 months for proposed implementation from 2013-14. The government is now looking forward to reduce it by another six months. If we have our way, we would make this 12 months,” he said.

Under the scheme, the importer gets exemption from basic Customs duties on import of raw material against a time-bond export obligation.

Mr. Pujari acknowledged that the high cost of credit due to the prevailing higher rate of interest was bothering exporters.

He also informed the gathering that DGFT was focusing on several other areas such as clearing access-point bottlenecks, improving infrastructure and reducing the procedural difficulties in export and import.

 

(Source: Exim India Dt. 16.10.2012)
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