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January 3, 2019
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Exchange rate notification sets official currency conversion rates for imports and exports under customs authority.
The Central Board fixes official foreign currency conversion rates for customs valuation, superseding the prior notification and prescribing separate rates for imported and exported goods in two schedules (one-unit rates in Schedule I and per hundred unit rates in Schedule II), which operate from the stated effective date for use in import and export transactions.
January 2, 2019
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Import restriction on pulses maintained with quota regime while exports permitted freely through EDI and registered LCS.
The Government continues an import quota restriction on pulses to stabilise prices while allowing export liberalisation of all pulse varieties through Customs EDI ports and, subject to quantity registration with DGFT, via specified non-EDI Land Customs Stations; the release also records a MEIS reward for Bengal Gram and presents recent import-value statistics showing a substantial decline in pulse import values.
January 2, 2019
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Interest Equalisation inclusion for merchant exporters expands rupee export credit support, boosting MSME-linked exports and competitiveness.
Approval extends Interest Equalisation Scheme benefits to merchant exporters for Pre and Post Shipment rupee export credit on products covered by the scheme's specified tariff lines, aligning merchant exporters with manufacturing exporters and aiming to enhance competitiveness and MSME linked export growth.
January 2, 2019
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Trade Remedial Provisions provide mechanisms to address import surges while trade agreements lower input costs for domestic manufacturers.
Trade agreements with Japan, Korea and ASEAN have expanded trade and include trade remedial provisions to address import surges. Imports include high grade steel not produced domestically, while cheaper raw materials and intermediates from partner countries have supported value added domestic manufacturing despite a modest rise in the trade deficit, as reported by the Minister of State for Commerce and Industry.

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Acts Income Tax