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    News
    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2010
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    December 30, 2010
    New modalities for registration of contracts for cotton exports by DGFT
    Show AI Summary
    Export contract registration updated: online submission, pro rata allocation, document deposit requirement and debarment for noncompliance.
    DGFT requires online-only submission to a designated email within a specified window, allocates available cotton export quantity on a pro rata basis with per IEC ceiling and floor, reduces future allocations for prior under shippers, and mandates deposit of contracts and prescribed bank evidence within a short time to obtain Registration Certificates; non submission or failure to export within the stipulated period leads to ineligibility, forfeiture of allocation rights, debarment and penal action under the Foreign Trade (Development & Regulation) Act.
    December 27, 2010
    India Inc raises nearly USD 1.13 bn in Nov by ECBs
    Show AI Summary
    External commercial borrowings access permits corporates to raise foreign loans; RBI reports November issuances via automatic and approval routes.
    Reserve Bank data reports aggregate issuances of External Commercial Borrowings (ECBs) for the month across both the automatic and approval routes. Corporates registered under the Companies Act may access ECBs under the automatic route subject to an annual cap and prescribed end use conditions; transactions not covered by the automatic route are considered under the approval route on a case by case basis. The release itemises borrower-level ECBs by purpose and maturity and notes items for which RBI sought clarifications on end use and eligibility.
    December 22, 2010
    Manufacturing, production or development of software - Exemption scheme under service tax modified - exemption under central excise and customs withdrawn
    Show AI Summary
    Tax treatment of software: central excise and customs exemptions withdrawn, new service tax conditions prevent overlap.
    Imports of packaged or canned software are no longer exempt from customs duty. Manufacturing, production or development of software is no longer exempt from central excise and is subject to MRP valuation under section 4A. A consolidated service tax notification introduces conditions to prevent overlap between service tax and excise and between service tax and customs, and prior service tax notifications granting overlapping relief have been withdrawn.
    December 20, 2010
    CBEC Releases Draft Scheme of Authorised Economic Operator for Inviting Suggestions
    Show AI Summary
    Authorized Economic Operator status offers streamlined customs procedures and reduced inspections to certified supply chain participants.
    The CBEC draft establishes an Authorized Economic Operator programme aligned with the WCO SAFE Framework to certify importers, exporters and other supply chain participants as meeting supply chain security and customs compliance standards; certified entities receive a quality mark and facilitative measures such as favourable treatment in customs proceedings, reduced examination through lower risk scores, and simplified clearance procedures, with stakeholder consultation and pilot implementation planned prior to full roll out.
    December 17, 2010
    RBI releases December issue of RBI Bulletin
    Show AI Summary
    Economic outlook and inflation expectations signal recovery with implications for public finances and external trade dynamics.
    The Bulletin presents five analytical pieces: an Industrial Outlook Survey showing manufacturing recovery with higher production, new orders, employment and profit optimism; a Households Inflation Expectations Survey indicating rising near term inflation expectations driven by food prices; a Working Group Report proposing a revised Balance of Payments Manual aligned with international best practices; a Central Government Finances review reporting lower key deficit indicators supported by higher revenues and moderated expenditure; and a merchandise trade review documenting a broad rebound in exports and imports across commodity groups and partners.
    December 16, 2010
    Exports from SEZs as on 30th September 2010: Rs.1.39.841 Crore - 100% FDI Allowed in SEZs Through Automatic Route
    Show AI Summary
    Special Economic Zone policy allows full foreign direct investment through automatic route to promote exports and investment.
    The policy seeks US$200 billion merchandise exports in 2010-11 via fiscal incentives, procedural reform, market diversification and infrastructure improvement; the Foreign Trade Policy 2009-14 supports full refunds of indirect taxes and targeted schemes to diversify markets. The Special Economic Zones regime aims to promote exports, attract investment, create employment and develop infrastructure; statistics record approvals, notified zones, aggregate SEZ exports for the period, total investment to date, and the explicit allowance of full foreign direct investment through the automatic route. India adopts a cautious, selective engagement with RTAs/FTAs to expand export markets.
    December 15, 2010
    Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified
    Show AI Summary
    Tariff value notification establishes customs benchmark values for edible oils, brass scrap and poppy seeds for import valuation.
    The customs notification publishes authoritative tariff values in US dollars per metric tonne for specified imported commodities to serve as benchmarks for customs valuation. It lists edible oils (crude palm oil, RBD palm oil, palmolein, crude soyabean oil) with values retained as unchanged, and separately specifies values for brass scrap (all grades) and poppy seeds, providing the reference figures to be used by importers and customs officials for assessment and clearance until further notification.
    December 15, 2010
    Revenue Collections from Indirect Taxes Increases by 42.3% During April – November 2010
    Show AI Summary
    Indirect tax collections rise significantly, improving achievement against annual revenue targets for the fiscal period.
    Total provisional indirect tax receipts for April-November 2010 rose to Rs.2,07,756 crore, a 42.3% increase over the prior year, representing 66.3% of the annual target of Rs.3,13,471 crore. Customs receipts were Rs.86,844 crore (67% increase, 75.5% of target), central excise Rs.81,984 crore (34.4% increase, 62.8% of target), and service tax Rs.38,927 crore (18.2% increase, 57.2% of target).
    December 14, 2010
    FICCI FDI SURVEY 2010
    Show AI Summary
    Minimum public float requirement welcomed by foreign investors as enhancing transparency and attracting investment if reforms follow.
    Low awareness of the consolidated FDI policy and limited government outreach were highlighted, alongside pervasive infrastructure bottlenecks (power, roads, water) and state level procedural delays that impede foreign investors. Respondents noted strong market and manufacturing potential and indicated that shifts in China could redirect FDI to India, provided infrastructure and procedural reforms are implemented. The minimum public float requirement was welcomed as a measure likely to enhance public participation, accountability and transparency, improving the investment climate.
    December 10, 2010
    China's overall trade touches USD 2.68 trillion
    Show AI Summary
    International trade growth drives expanded bilateral trade partnerships and rising exports despite narrowing surplus this year.
    China's merchandise trade surged in the first eleven months with strong year-on-year export and import growth; imports rose faster than exports in the latest month, reducing the trade surplus, while the EU, the United States, and Japan remained the principal bilateral partners according to customs data.
    December 10, 2010
    Export market growth imperative for US economy
    Show AI Summary
    Export market growth imperative: expanding exports supports jobs and taps global customers for US manufacturers.
    Export market expansion is presented as an essential economic strategy to stimulate employment and sustain manufacturing demand by linking increased export orders to job support and emphasizing that most prospective customers and fastest growing markets lie outside national borders, making export promotion a direct mechanism for job creation and economic growth through coordinated efforts to open new markets for domestically produced goods.
    December 7, 2010
    Futures Trading does not Impact Commodity Price or its Availability
    Show AI Summary
    Price discovery in commodity futures aids planning and proposed options will protect producers' downside while preserving upside.
    Futures trading in specified essential commodities is permitted to perform price discovery and price risk management, complementing the spot market and aiding policy responses to anticipated shortages or surpluses. Options trading is currently prohibited under the existing forward contract regulatory regime but proposed amendments would permit options, which grant producers the right without obligation to sell at an agreed price by paying a premium, protecting downside while preserving upside, unlike futures which create an obligation to sell at the agreed price.
    December 3, 2010
    Data on ECB/FCCB for October 2010
    Show AI Summary
    External Commercial Borrowings reporting shows route specific inflows and end use classifications affecting compliance and registration requirements.
    Monthly data on External Commercial Borrowings and Foreign Currency Convertible Bonds for October 2010 itemises Automatic Route and Approval Route transactions by borrower, equivalent USD amounts, stated end uses (notably import of capital goods, modernisation, rupee expenditure on local capital goods and new projects) and approximate maturities; the Automatic Route total, Approval Route total and a Grand Total are published, with certain entries subject to clarification on end use conformity, borrower eligibility and reliance on Form 83 for Loan Registration Numbers.
    December 3, 2010
    India-Ethiopia Trade Touches US $ 272 Million – Potential to Further Increase Bilateral Trade: Anand Sharma – Meets Deputy Prime Minister of Ethiopia
    Show AI Summary
    Duty Free Tariff Preference expands market access, boosting potential for increased bilateral trade and investment ties.
    The release stresses that India-Ethiopia trade rose substantially with Indian exports predominating, and that the Duty Free Tariff Preference Scheme-providing duty free access on most tariff lines and Margins of Preference on others-creates market access to expand Ethiopian exports. It identifies priority sectors for trade and joint ventures (agriculture and agro processing, floriculture, textiles, leather, IT, pharmaceuticals) and notes significant Indian approved investment focused largely on commercial agriculture, positioning investment alongside tariff preferences as drivers of further bilateral economic engagement.
    December 1, 2010
    Data on ECB/FCCB for September 2010
    Show AI Summary
    External commercial borrowings reporting shows route-wise inflows, borrower purposes and maturities for September 2010 in official release
    External Commercial Borrowings and Foreign Currency Convertible Bonds data for September 2010 are published route-wise (Automatic and Approval), listing borrowers, equivalent USD amounts, stated end-uses (for example import of capital goods, rupee expenditure on local capital goods, modernisation, power, new projects, overseas acquisition), approximate maturities, route totals and a Grand Total. The Automatic Route entries note reliance on Form 83 for Loan Registration Number allotment and identify cases where clarifications were sought on end-use conformity and borrower eligibility.
    December 1, 2010
    Capital requirement of Public Sector Banks
    Show AI Summary
    Capital requirement of public sector banks: government to boost Tier I capital and adjust stake to enable future market funding.
    The government approved fresh infusion into public sector banks' Tier I Capital to achieve a targeted CRAR, with the exact amount, instruments, and terms to be decided in consultation with banks; the exercise also contemplates raising government shareholdings in specific banks to enable future market based capital raises without sole government reliance.
    December 1, 2010
    Impact of FTA on Domestic Industries [Free Trade Agreements]
    Show AI Summary
    Free Trade Agreements provide tariff concessions but do not alter import prohibitions or licensing under the Foreign Trade Policy.
    Free Trade Agreements operate solely to provide tariff concessions and preferential access; they do not modify the statutory import policy. Determinations about whether goods are prohibited, require prior permission, or are freely importable are made under the Foreign Trade Policy, and FTAs cannot override import prohibitions or licensing requirements.
    November 27, 2010
    Corrective Steps on Rupee Rise
    Show AI Summary
    Market-determined exchange rate: RBI manages volatility without fixed targets, exporters advised to use available hedging tools.
    The authority operates a market-determined exchange rate regime with intervention limited to managing excessive volatility and no fixed targets or pre-announced bands; recent rupee movements are linked to capital flow moderation and a stronger US dollar. Exporter requests for a fixed exchange rate, interest on EEFC balances and concessional rupee export credit were received, but the authority highlighted the availability of OTC and exchange-traded hedging instruments-forwards, options, swaps and futures-to manage foreign exchange risk.
    November 24, 2010
    Electronic clearance of Express Cargo at(NCT), IGI Airport, New Delhi Operational w.e.f. 28th Oct.'2010'
    Show AI Summary
    Electronic clearance for express cargo pilot launched; access via designated online portal and on-site service centre for users.
    A pilot electronic clearance mechanism for express cargo is operational at the New Courier Terminal (NCT), IGI Airport, New Delhi from 28 October 2010, accessible to bona fide users via a specified online portal or the on-site service centre, with designated customs and vendor contacts available for support.
    November 21, 2010
    Vedanta request for SEZ rule relaxation put on hold
    Show AI Summary
    SEZ land contiguity requests paused as tax-evasion concerns delay approval for infrastructure through non-processing areas.
    Requests to relax SEZ land contiguity rules for Vedanta Group and Raheja Developers were placed on hold after Revenue Department representatives raised tax evasion concerns about permitting a railway track through non processing areas to transport coal to an adjacent group power plant, preserving further procedural review of infrastructure exceptions and affiliated energy supply arrangements.

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      Customs, DGFT & SEZ

      RBI releases December issue of RBI Bulletin

      December 17, 2010

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      The December issue of the Bulletin contains five special articles: Quarterly Industrial Outlook Survey: July-September 2010 - (51st Round), Inflation Expectations Survey of Households - September 2010 - (21st Round), Report of the Working Group on Balance of Payments Manual for India, Central Government Finances: April-September 2010 and India's Foreign Trade: April-September 2010.

      Highlights of special articles:

      1. Quarterly Industrial Outlook Survey: July-September 2010 (51st Round)

      The article presents the findings of Industrial Outlook Survey conducted for July-September 2010 quarter, the 51st round in the series. It gives the assessment of business situation of companies in manufacturing sector, for the quarter July-September 2010, and their expectations for the ensuing quarter October-December 2010.

      Main Findings

    • The survey results signal that the Indian manufacturing sector took further steps to recovery pointing towards economic growth.
    • Production and new business continued to grow significantly reflecting in the increase in work-force.
    • The input price pressure eased noticeably and the manufacturers exhibited more optimism in their profits.
    • The Business Expectation Index, which acts as a barometer of the overall health of the sector, posted 119.0 for the assessment quarter and 126.5 for the ensuing quarter - the highest reading since April-June 2007 quarter.
      • 2. Inflation Expectations Survey of Households - September 2010 (21st Round)

      The article presents the findings of Inflation Expectations Survey of Households for July-September 2010 quarter, the 21st round in the series. The survey sheds light on the inflation expectations of 4000 households across 12 cities for the next quarter (October- December 2010) and for the next year (October 2010- September 2011). The survey captures the expectations of inflation for a respondent's own basket of consumption. Therefore, the inflation rates from this survey represent the inflation expectations of 4000 urban households based on their individual consumption baskets and, hence, these rates are not to be considered as predictors of any official measure of inflation.

      Main Findings

    • The households' inflation expectations provide useful directional information on near-term inflationary pressures and also complement other economic indicators, to get a better idea of future inflation.
    • The survey findings portray that households expect inflation to rise further by 20 and 60 basis points during the next quarter (to 12.3 per cent) and the next year (to 12.7 per cent), respectively, from the perceived current rate of 12.1 per cent.
    • Households' expectations of general price rise was mainly influenced by movements in prices of food products. More respondents expected price rise in food, housing and non-food products compared to other product groups.
    • Housewives and daily-wage workers expected higher inflation rates compared to other categories. Higher inflation expectations persisted in Bangalore and Lucknow.

      • 3. Report of the Working Group on Balance of Payments Manual for India

      The Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty) was constituted to examine the current practices, procedures of compilation, presentation, coverage and sources of India's balance of payments statistics in relation to international best practices and also to bring out a comprehensive Balance of Payments Manual for India.The Group has submitted its Report to Deputy Governor, Dr. Subir Gokarn on October 13, 2010.

      The Report has two parts. Part I discusses various issues relating to India's Balance of Payments statistics and makes a number of suggestions to improve compilation, coverage and presentation of India's balance of payments (BoP) consistent with international best practices. Part II presents the revised Balance of Payments Manual for India, drawing from the international best practices as suggested by the IMF's BoP Manual. Besides discussing the concepts and documenting the compilation methods pertaining to various accounts of the BoP, the Manual has made a detailed assessment of the current practices of compilation, data sources and presentation of BoP in India against the backdrop of the significant changes introduced by the IMF's latest Manual (BPM6). The Report can be accessed at www.rbi.org.in

      4. Central Government Finances: April-September 2010

      The article reviews the finances of the Central Government during the first half of 2010-11, as released by the Controller General of Accounts in October 2010. This article covers the details of the receipts and expenditures of the Central Government during the period under review.

      Main Findings

    • Central Government finances during the first half of the current fiscal year show that Government is well within its target to meet its budgeted deficit indicators.
    • The key deficit indicators, viz., gross fiscal deficit, revenue deficit and primary deficit, were found to be substantially lower during April-September 2010 than the corresponding period of previous year.
    • As a proportion of their respective budget estimates, the levels were much lower in the first half of current fiscal year than that of the previous year. Revenue receipts increased substantially during the first half of 2010-11 on account of surge in non-tax revenue and rebound in tax revenue.
    • While continued economic recovery and reversal of tax rate contributed to higher tax receipts, the mobilisation of revenues from 3G spectrum and broadband wireless access (BWA) auctions helped to ease the pressure on Government finances.
    • The lower growth in aggregate expenditure reflects deceleration in non-Plan expenditure during the first half of 2010-11.
    • In the remaining part of the year, developments with regard to the progress in disinvestment, the likely impact of economic growth on tax revenues and cash outgo on account of supplementary demand for grants may have implications for overall Central Government finances.
      • 5. India's Foreign Trade: 2010-11 (April-September)

      The article reviews the performance of India's merchandise trade during 2010-11 (April-September) on the basis of data released by the Ministry of Commerce and Industry and Directorate General of Commercial Intelligence and Statistics (DGCI&S). The article also covers disaggregated commodity-wise and direction-wise analysis of India's trade during the period 2010-11 (April-June).

      Main Findings

    • The article observes that during 2010-11 (April-September), India's merchandise exports at US$ 103.6 billion posted a growth of 28.0 per cent over the corresponding period of previous year as against a decline of 25.7 per cent during 2009-10 (April-September).
    •  Merchandise imports at US$ 166.5 billion registered a rise of 29.9 per cent as against a decline of 30.7 per cent during 2009-10 (April-September).
    • The exports maintained the growth momentum while the imports showed a slight deceleration in comparison to growth in previous months.
    • The oil and non-oil imports registered growth rates of 30.0 per cent and 29.9 per cent in 2010-11 (April-September) as against declines of 40.8 per cent and 25.5 per cent, respectively, during 2009-10 (April-September).
    • Further, the disaggregated data on commodity-wise merchandise trade as well as source and direction of exports and imports reveal that trade of all major commodity groups (viz., primary products, manufactured goods, petroleum products and bulk and non-bulk import items) and with major trading partners (viz., OECD, OPEC, Eastern Europe and Developing Countries) registered a rise during 2010-11 (April-June) over the corresponding period of previous year.

      • Ajit Prasad
      Assistant General Manager

      Press Release : 2010-2011/805

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