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    December 31, 2015
    Index of Eight Core Industries (Base: 2004-05=100) for November, 2015
    December 31, 2015
    DAVA project wins 2015 eASIA Award
    December 31, 2015
    Year End Review - Department of Commerce
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    November 30, 2015
    National Rubber Policy
    November 30, 2015
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    Government decides to provide further Indirect Tax Incentives to Domestic Shipbuilding Industry
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    November 21, 2015
    Chairman, CBEC holds a Meeting to strengthen the Institution of Indirect Tax Ombudsmen (ITOM); ITOM, in turn, to hold Meetings with the Trade and Indu...
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    News
    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2015
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    December 31, 2015
    Index of Eight Core Industries (Base: 2004-05=100) for November, 2015
    Show AI Summary
    Index of eight core industries shows mixed sectoral performance with overall slowdown and divergent cumulative trends.
    The release reports the Index of Eight Core Industries for November 2015, showing a year on year decline in the combined core index alongside modest cumulative growth for April-November 2015-16, and details sectoral monthly and cumulative indices and growth rates, with noted revisions to historical data and an announced date for the next release.
    December 31, 2015
    DAVA project wins 2015 eASIA Award
    Show AI Summary
    Track and Trace system: DAVA pilot to mandate serialization for pharmaceutical exports, enabling drug authentication, traceability and recalls.
    The DAVA project establishes an integrated Track and Trace system for drugs and pharmaceuticals, currently in pilot phase and intended to be made mandatory for pharmaceutical exports. It aims to cover nationally manufactured drugs and to provide consumers, regulators, wholesalers and retailers with real time visibility of stock, enable product authentication, facilitate rapid identification and recall of batches, and prevent unauthorized distribution and counterfeit exports to protect the pharmaceutical brand image.
    December 31, 2015
    Year End Review - Department of Commerce
    Show AI Summary
    Export Incentive Reform: Consolidated MEIS and SEIS streamline transferable rewards and broaden eligibility for exporters.
    The Foreign Trade Policy 2015-20 centralises export incentives into MEIS for merchandise and SEIS for services, offering product- and market-focused rewards payable as transferable duty credit scrips and expanding eligibility to service providers located in India. Complementary reforms include interest equalisation for MSME export credit, extended authorisation validity for dual-use and defence-related exports, SEZ and EOU procedural flexibilities, digitisation and customs integration for paperless trade, and administrative measures to reduce required export/import documents and transaction costs.
    December 30, 2015
    Exposure Draft for Cost Accounting Standard on Treatment of Revenue for Cost Statement
    Show AI Summary
    Treatment of revenue for cost statements: net sales realization basis, assignment rules, and disclosure requirements ensured.
    Prescribes principles and methods for measurement, treatment, assignment, presentation and disclosure of revenue in cost statements, requiring revenue from goods and services to be measured by net sales realization separately by unit, location and product/service type, adjusted for returns, discounts, indirect taxes and time value of money where applicable; treats by product realizations net of further processing and adjusted against joint costs; excludes other income from cost account profit; treats export incentives as revenue from operations; assigns revenue where economically feasible; and mandates specified presentation and disclosures.
    December 25, 2015
    Minimum Export Price (MEP) Onion Export
    Show AI Summary
    Minimum export price removed for onion exports, permitting shipments without MEP restrictions until further notice.
    The Government reduced the Minimum Export Price (MEP) for onion exports to a nil requirement, citing sharp declines in wholesale mandi prices across producing and consuming markets and very large arrivals, thereby removing the prior FOB-based price-floor constraint on onion shipments.
    December 23, 2015
    Integrated Development and Management of Fisheries - a Central Sector Scheme on Blue Revolution
    Show AI Summary
    Central Sector Scheme for integrated fisheries development to implement Blue Revolution and strengthen fisheries governance and infrastructure.
    The Central Sector Scheme establishes an umbrella programme to implement the Blue Revolution through six components covering NFDB activities, inland and marine fisheries development, infrastructure and post harvest operations, database and GIS strengthening, institutional arrangements, and Monitoring, Control and Surveillance; components for database/GIS, institutional arrangements and MCS are to be implemented departmentally by the Department of Animal Husbandry, Dairying and Fisheries with full central funding and linked with existing rural and infrastructure programmes.
    December 22, 2015
    Exports: No Cause for Panic Excluding Petroleum and Gems and Jewellery, no Significant Decline in India’s Exports
    Show AI Summary
    Exports excluding petroleum and gems show limited decline, indicating no systemic export crisis and muted real-term contraction.
    The headline export decline is largely price-driven from petroleum and gems & jewellery; excluding these categories the fall is substantially smaller and non-oil exports in rupee terms show only modest reduction. Adjusting for wholesale price deflation (WPI) suggests negligible real-term volume contraction, several manufacturing and processed-goods sectors posted growth, and macro indicators-narrower current account deficit and sustained GDP growth-indicate no systemic export crisis.
    December 17, 2015
    Text of statement by Ms. Nirmala Sitharaman, Minister of State(Independent Charge) for Commerce and Industry in the open ended Agriculture meeting at the 10th Ministerial Conference of WTO on 16th December, 2015 at Nairobi, Kenya
    Show AI Summary
    Special Safeguard Mechanism: developing countries seek a fair instrument against import surges and subsidized price dips.
    Export Competition must be preserved as a pillar to maintain negotiating balance; late, limited group proposals that cherry pick or dilute its provisions and introduce new definitions impede transparency and require extensive domestic consultation. The Special Safeguard Mechanism is essential for developing countries to address import surges and subsidized price dips; a simplified SSM offer has been submitted and members are urged to engage constructively and expedite consideration.
    December 17, 2015
    Methodology for fixing Upfront Payment and Reserve Price for allotment of coal mines/blocks for sale of coal to PSUs under the Coal Mines (Special Provisions) Act, 2015
    Show AI Summary
    Upfront payment methodology for coal allotments requires staged instalments and monthly royalty to states to boost PSU coal supply.
    Methodology prescribes financial terms for allotting coal mines to PSUs under the Coal Mines (Special Provisions) Act, 2015, requiring a one time upfront payment based on the mine's intrinsic coal value payable in staged instalments in the first year, and continuing monthly royalty payments to coal bearing States on quantity produced during the lease; the approach aims to set a reserve price and to direct production to meet domestic demand, particularly for medium, small and cottage industries.
    December 17, 2015
    Progress of “Make In India” Campaign
    Show AI Summary
    Regulatory simplification under Make in India accelerates trade clearance by reducing documentation and integrating customs systems.
    The initiative emphasizes Regulatory Simplification and operational integration to expedite cross border trade by making the Importer Exporter Code available online, reducing export/import document requirements, establishing Customs Clearance Facilitation Committees at ports, and integrating the customs Single Window with food safety and plant quarantine agencies for faster clearance.
    December 16, 2015
    Text of Address by Ms. Nirmala Sitharaman Minister of State (Independent Charge) for Commerce and Industry of India at the Plenary Session of the 10th Ministerial Conference of the WTO on 16 December 2015
    Show AI Summary
    Doha Development Agenda reaffirmation urged; prioritize food security safeguards, LDC integration and services liberalization.
    The statement urges reaffirmation of the Doha Development Agenda and adherence to its development dimension, calling for negotiations within established DDA frameworks and WTO principles. It stresses agriculture as the DDA cornerstone, advocating an effective special safeguard mechanism for developing countries and revised rules on public stockholding for food security, while warning against sidelining long standing development concerns. The address also supports a strong LDC package, highlights India's duty free quota free access and services preferences for LDCs, and urges services liberalization, particularly in Modes 1 and 4.
    December 14, 2015
    Investor Facilitation Cell
    Show AI Summary
    Ease of doing business enhanced through investor facilitation and single window reforms enabling streamlined online clearances and services.
    An Investor Facilitation Cell is promoted to guide and assist investors, alongside State one stop centres. Key procedural reforms include online filing for Industrial Licence and IEM, an eBiz single window integrating central services, simplified company incorporation, reduced documentary requirements for trade, exclusion of many defence inputs from licensing, extended licence validity, and automated social security and environmental clearance processes. Central guidance to States emphasizes unified online returns, a single electronic register, conditional restriction on inspections, and self certification for non risk businesses to streamline approvals and compliance.
    December 11, 2015
    Census on Foreign Liabilities and Assets of Indian Direct Investment Companies, 2014-15 – Data Release
    Show AI Summary
    Foreign assets and liabilities census reveals equity dominance in direct investment and detailed country sector distributions.
    The Annual Census on Foreign Liabilities and Assets for 2014-15 reports provisional coverage of 17,642 companies and details inward FDI, ODI and other investments at end March 2015. It highlights equity dominance in inward and outward direct investment, quantifies other investment liabilities and assets, identifies principal source and destination countries, and provides sectoral breakdowns showing manufacturing and services as main recipients of foreign equity. The release also tabulates sales, purchases, exports and imports of overseas subsidiaries and foreign subsidiaries in India.
    December 9, 2015
    Indirect Tax Revenue (Provisional) Collections Increase from ₹ 44,475 Crore in November 2014 to ₹ 55,297 Crore During November 2015;
    Show AI Summary
    Indirect tax revenue growth year on year driven by central excise and service tax gains, with modest customs increase.
    Indirect Tax Revenue (Provisional) collections rose 24.3% in November 2015 over November 2014, achieving 67.8% of the 2015 16 Budget Estimate. Central Excise led growth with a 58.3% increase (74.8% of BE, exclusive of certain cess), Service Tax rose 16.1% (60.9% of BE), and Customs increased 1.7% (67.2% of BE); year to date aggregate collections showed 34.3% growth to November.
    December 3, 2015
    Exchange Rate of Foreign Currency Relating to imported and Export Goods Notified
    Show AI Summary
    Exchange rate determination for customs conversions: notified foreign currency rates now govern import and export valuation under the Customs Act.
    The Central Board of Excise & Customs determines the rate of exchange for specified foreign currencies for valuation of imported and export goods under the Section 14 of the Customs Act, 1962, superseding the prior notification and fixing separate conversion rates for imports and exports effective 4th December, 2015, as set out in Schedule I (per unit rates for multiple currencies) and Schedule II (rates per 100 units).
    November 30, 2015
    National Rubber Policy
    Show AI Summary
    Import policy revision for natural rubber protects growers by raising customs duty and shortening export obligations period.
    The Government adopted targeted changes to protect domestic natural rubber growers by reducing the export obligation period under Advance Authorisation/DFIA schemes to six months from consignment clearance and increasing the basic customs duty on dry forms of natural rubber; measures aim to address increased imports driven by lower world prices, domestic shortages and irregular arrivals.
    November 30, 2015
    Trade Share of India with BIMSTEC Countries
    Show AI Summary
    BIMSTEC Free Trade Agreement negotiations proceed under the Framework Agreement, covering goods, services, investment and cooperation.
    The Framework Agreement on the BIMSTEC Free Trade Agreement, signed in February 2004, provides for negotiation of an FTA on goods, services, investment and economic cooperation; members formed the Trade Negotiating Committee to conduct negotiations under the Framework Agreement and have held twenty rounds. The document also summarises 2014-15 country-level export and import shares between India and BIMSTEC partners.
    November 26, 2015
    Government decides to provide further Indirect Tax Incentives to Domestic Shipbuilding Industry
    Show AI Summary
    Indirect tax exemptions for domestic shipbuilding expanded, with EOUs eligible and warehouse requirement replaced by actual user conditions.
    The Government expanded indirect tax incentives for the domestic shipbuilding industry by exempting customs and central excise duties on all raw materials and parts for ship manufacture, allowing Export Oriented Units to claim input exemptions for vessels cleared to the domestic tariff area even if those vessels are duty-exempt, and replacing the custom bonded warehouse requirement under Section 65 of the Customs Act with actual user conditions for entitlement to the exemptions.
    November 25, 2015
    Government formulates strategy to address price rise of raw jute Government decides to take de-hoarding measures to tackle rising raw jute prices Matter of ban on export of raw jute by Bangladesh to be taken up Declining trend in jute cultivation to be checked
    Show AI Summary
    Stock limits and de-hoarding measures ordered to stabilise raw jute supply and market availability.
    The Government directed the Jute Commissioner to notify stock limits and undertake de-hoarding with State Governments to release seasonally produced raw jute to mills; asked the Department of Commerce and Ministry of External Affairs to seek lifting of Bangladesh's export ban; and instructed State Governments and the Department of Agriculture to adopt measures to promote jute cultivation and check its decline.
    November 21, 2015
    Chairman, CBEC holds a Meeting to strengthen the Institution of Indirect Tax Ombudsmen (ITOM); ITOM, in turn, to hold Meetings with the Trade and Industry Associations in their Jurisdiction and Encourage the Taxpayers to bring forth their Problems/ Issues
    Show AI Summary
    Indirect Tax Ombudsmen strengthening: enhanced taxpayer grievance channels and outreach to trade associations for redress.
    The Indirect Tax Ombudsmen (ITOM) will hold meetings with trade and industry associations and encourage taxpayers to submit complaints. ITOMs serve as a grievance mechanism for deficiencies in Customs, Central Excise and Service Tax administration, including non-adherence to working hours and delays in refunds, rebate and drawback, and may propose remedial action. ITOMs are constituted under the ITOM Guidelines and contact details are available on the central board's taxpayer assistance portal.

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      Customs, DGFT & SEZ

      Exchange Rate of Foreign Currency Relating to imported and Export Goods Notified

      December 3, 2015

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      In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs (CBEC) No.112/2015-CUSTOMS (N.T.), dated 19th November, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of Excise & Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 4th December, 2015, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

      SCHEDULE-I

      Sl. No.

      Foreign Currency

      Rate of exchange of one unit of foreign currency equivalent to Indian rupees

      (1)    

      (2)

      (3)

       

       

      (a)

       (b)

       

       

      (For Imported Goods)

        (For Export Goods)

      1.

      Australian Dollar

      49.45

      48.00

      2.

      Bahrain Dinar

      183.05

      171.75

      3.

      Canadian Dollar

      50. 55

      49.45

      4.

      Danish Kroner

      9.60

      9.35

      5.

      EURO

      71.65

      69.85

      6.

      Hong Kong Dollar

      8.70

      8.55

      7.

      Kuwait Dinar

      226.00

      212.70

      8.

      New Zealand Dollar

      45.05

      43.70

      9.

      Norwegian Kroner

      7.80

      7.60

      10.

      Pound Sterling

      100.70

      98.50

      11.

      Singapore Dollar

      47.80

      46.80

      12.

      South African Rand

      4.75

      4.50

      13.

      Saudi Arabian Riyal

      18.30

      17.30

      14.

      Swedish Kroner

      7.75

      7.60

      15.

      Swiss Franc

      66.25

      64.60

      16.

      UAE Dirham

      18.70

      17.70

      17.

      US Dollar

      67.25

      66.25

      SCHEDULE-II

      Sl. No.

      Foreign Currency

      Rate of exchange of 100 units of foreign currency equivalent to Indian rupees

      (1)    

      (2)

      (3)

       

       

      (a)

      (b)

       

       

      (For Imported Goods)

        (For Export Goods)

      1.

      Japanese Yen

      54.75

      53.50

      2.

      Kenya Shilling

      67.20

      63.45

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