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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or development of software - Exemption scheme under service tax modified - exemption under central excise and customs withdrawn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    Tax treatment of software: central excise and customs exemptions withdrawn, new service tax conditions prevent overlap.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

      New modalities for registration of contracts for cotton exports by DGFT

      December 30, 2010

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      Department of Commerce vide Notification No.12 dated 16/12/2010 stipulated that export contracts for cotton would be registered with DGFT.

      DGFT has issued Policy Circular on 29/12/2010 stipulating modalities and conditions for registration of export contract by DGFT office, and uploaded the Circular on www.dgft.gov.in.

      The salient features of modalities are:

      a.      The Calendar of Events showing the stipulated dates has also been put on the DGFT website along with Policy Circular.

      b.      In order to avoid human interface, applications will be obtained on-line only at designated e-mail address i.e. [email protected] (from 1200 hours on 31/12/2010 to 1700 hours on 6/1/2011).

      c.      The format for application to be sent by e-mail has been prescribed and displayed at the DGFT website along with the Policy Circular.

      d.      Based on scrutiny of applications received, the available quantity of cotton for export will be allocated on pro-rata basis. 

      e.      There will be a ceiling of 1 lakh bales per IEC and a floor of 500 bales per IEC for registration of contracts.

      f.        Exporters who had obtained registration of export contracts in the month of October, 2010, but did not export the full quantity will be dis-incentivised, by reducing their pro-rata allocation to the extent of default in exports. 

      g.      For ease of comprehension by trade, an illustrative example of the method of allocation has been given on the DGFT website along with the Policy Circular.

      h.      After allocation, the applicant will be given 15 days time to deposit export contracts, confirmed irrevocable Letter of Credit (LC) or Foreign Inward Remittance Certificate (FIRC) from the bank showing a minimum of 25% Advance Payment and balance Cash Against Delivery (CAD) or 100% Advance Payment, along with other prescribed documents.

      i.         Those applicants who furnish stipulated documents within the time limit will be grantedRegistration Certificates.  Atleast 30 days time will be availabe for export against Registration Certificate.

      j.         If an applicant fails to submit documents in time, he will be declared ineligible and he will forfeit his right to future allocations.

      k.      Those exporters who fail to export the registered quantity within the stipulated period, (the last date is 25/2/2011), will be debarred from future allocations. In addition, penal action will be initiated against them under the Foreign Trade (Development & Regulation) Act.

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