DRAFT EXPORT POLICY
Why in News?
- The Commerce Ministry has come out with a comprehensive draft of the export policy which includes product- specific rules with a view to provide a ready reckoner for exporters.
- Updated draft comprises of all existing policy conditions, all notifications and public notices issued after January 2018 and also includes non-tariff regulations imposed by different government agencies.
- It aimed at consolidating export norms for each product, has accorded eight digit HS codes to every product.
- This compendium will help an exporter know all the applicable norms pertaining to a particular product, helping them understand policy conditions for that item.
- It is proposed to bring out a comprehensive expo rts policy for all ITC (HS) tariff codes (including items which are ‘free’ for export and do not currently exist in the policy), covering conditions/restrictions imposed by partner government agencies on exports.
- ITC-HS Codes are Indian Trade Clarification based on Harmonised System of Coding. It was adopted by India for import-export operations.
- Every product has been accorded eight digit HS codes.
- The compendium will help an exporter know all the applicable norms pertaining to a particular product, helping him/her understand policy conditions for that item.
Export Import Policy of India:
- Exim Policy or Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India.
- Foreign trade in India is guided by the EXIM Policy of the Indian Government and is regulated by the Foreign Trade Development and Regulation Act, 1992.
- Exim policy or Foreign Trade Policy for the years 2015-20, aims at doubling the overseas sales to $900 billion by 2019-20 and making India global,while integrating the foreign trade with “Make in India” and “Digital India Programme”.
Key features :
- Five existing schemes to promote merchandize exports have been merged into a single Merchandise Exports from India Scheme (MEIS).
- Service Exports from India Scheme (SEIS) will be only for India based service providers and will be based on net foreign exchange earned.
- Paperless Trade and Online filling of forms will ensure trade facilitation and ease of doing business.
- E-commerce export is applicable to items of worth upto 25,000.
- Provision for Export oriented units, Export hardware technology park and software
- The Duty free scrips (form of credit)s are provided to the exporters under various export promotion schemes of the government.The scrips may be transferable or nontransferable
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