EXIM policy

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EXIM POLICY Kunal c mehta Department of quality assurance

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EXIM- Export import policy of the government Also known as the Foreign Trade Policy The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 27th August 2009 for the period 2009-2014 Announced every five years General provisions regarding exports and imports, promotional measures, duty exemption schemes, export promotion schemes, special economic zone programs and other details for different sectors Every year, on the 31st of March the government announces a supplement to this policy

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Trade policy governs exports from and imports into a country It is one of the various policy instruments used by a country to attain the goals of economic development DGFT (Directorate General of Foreign Trade) in matters related to the import and export of goods in India

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HISTORY In the year 1962, the Government of India appointed a special Exim Policy Committee to review the government previous export import policies The committee was later on approved by the Government of India Mr. V. P. Singh, the then Commerce Minister announced the Exim Policy on the 12th of April, 1985 Initially the EXIM Policy was introduced for the period of three years with main objective to boost the export business in India

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Exim Policy Documents: The Exim Policy of India has been described in the following documents: Interim New Exim Policy 2009 - 2010 Exim Policy: 2004- 2009 Handbook of Procedures Volume I Handbook of Procedures Volume II ITC(HS) Classification of Export- Import Items

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OBJECTIVES To accelerate the economy by making it a globally oriented vibrant economy and to derive maximum benefits from expanding global market opportunities To stimulate sustained economic growth by providing access to essential raw materials, intermediates, components,' consumables and capital goods required for augmenting production To enhance the techno local strength and efficiency of Indian agriculture, industry and services, thereby, improving their competitiveness To generate new employment opportunities and encourage the attainment of internationally accepted standards of quality To provide quality consumer products at reasonable prices

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Exim Policy or Foreign Trade Policy 2009 - 2014 Highlights: 100% export oriented units for one additional year till 31st March 2011 The Government seeks to promote Brand India through six or more ‘Made in India’ shows to be organized across the world every year To encourage production and export of ‘green products’ through measures such as phased manufacturing programme for green vehicles, zero duty EPCG scheme and incentives for exports Incentive available under Focus Market Scheme (FMS) has been raised from 2.5% to 3% Incentive available under Focus Product Scheme(FPS) has been raised from 1.25% to 2%

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Income Tax exemption to 100% EOUs under Section 10B and 10A of Income Tax Act, has been extended for the financial year 2010-11 in the Budget 2009-10 In Tea Sector Minimum value addition under advance authorisation scheme for export of tea has been reduced from the existing 100% to 50% Time limit of 60 days for re-import of exported gems and jewellery items, for participation in exhibitions has been extended to 90 days in case of USA Duty Free Import of samples by exporters, number of samples/pieces has been increased from the existing 15 to 50

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Free Sale Certificate has been simplified and the validity of the Certificate has been increased from 1 year to 2 years Higher Support for Market and Product Diversification: Market Linked Focus Product Scheme (MLFPS) - expanded by inclusion of products classified under as many as 153 ITC(HS) Codes at 4 digit level Major products include- Pharmaceuticals, Synthetic textile fabrics, value added rubber products, value added plastic goods, glass products Benefits to these products will be provided, if exports are made to 13 identified markets (Algeria, Egypt, Kenya, Nigeria, South Africa, Tanzania, Brazil, Mexico, Ukraine, Vietnam, Cambodia, Australia and New Zealand)

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Marine sector Fisheries have been included in the sectors which are exempted from maintenance of average EO under EPCG Scheme, subject to the condition that Fishing Trawlers, boats, ships and other similar items shall not be allowed to be imported under this provision Gems & Jewellery Sector A new facility to allow import on consignment basis of cut & polished diamonds for the purpose of grading/ certification purposes has been introduced Leather Sector Leather sector shall be allowed re-export of unsold imported raw hides and skins and semi finished leather from public bonded ware houses, subject to payment of 50% of the applicable export duty

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For all other Authorisations/ licence applications, maximum applicable fee is being reduced to Rs. 100,000 from the existing Rs 1,50,000 (for manual applications) and Rs. 50,000 from the existing Rs.75,000 (for EDI applications)

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India’s Pharmaceutical EXIM Policy: Liberalized with the exception of a restricted list permitting imports under a special licensing scheme The export of chemicals, drugs and pharmaceuticals had an extraordinary performance and growth rate and for the three years of 1989 to 2001 there has been a total export of over twenty two thousand crore rupees with an average growth rate of around seventeen percent To assist and promote Indian exports an export promotion cell was specifically set up for the industry in particular Among its many functions it undertakes promotional activities for acceleration of exports

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Another function of the Council is the organization of seminars and workshops on standards, quality control requirements of the importing countries Several programs beside the drug development projects to support creation of facilities essential for new drug development have been initiated Specific screening facilities, pharmacological testing, etc., have planned for immediate implementation The National Pharmaceutical Pricing Authority (NPA) has been entrusted with the task of price fixation, revision and other related matters

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