India's Foreign Trade Policy 2009-14: Highlights-vrk100-10112009
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Rama Krishna Vadlamudi
November 10th, 2009
India’s Commerce Minister Anand Sharma, on August 27, 2009, announced India’s Foreign Trade Policy for 2009-14. The following are the highlights of the new Foreign Trade Policy (FTP): Govt to continue tax refund scheme for exporters until December 2010 Widens scope for products to be included for benefits under Focus Product Scheme (FPS). Additional engineering products, plastic and some electronics get a look in. Incentives under FPS raised from 1.25% to 2%. Twenty-six new markets have been added under Focus Market Scheme (FMS). Incentive available under FMS raised from 2.5 per cent to 3 per cent. To aid technological upgradation of export sector, EPCG Scheme at Zero Duty has been introduced Taking into account the decline in exports, the facility of Re-fixation of Annual Average Export Obligation for a particular financial year in which there is decline in exports from the country, has been extended for the 5-year Policy period 200914. support for Green products and products from North East To impart stability to the Policy regime, Duty Entitlement Passbook (DEPB) Scheme is extended beyond 31.12.2009 till 31.12.2010 To neutralize duty incidence on gold jewellery exports, it has now been decided to allow Duty Drawback on such exports To reduce transaction and handling costs, a single window system to facilitate export of perishable agricultural produce has been introduced To simplify claims under FPS, requirement of “Handloom Mark’ for availing benefits under FPS has been removed Income tax expemption to 100% EOUs and to STPI units under Section 10B and 10A of Income Tax Act has been extended for the financial year 2010-11 in the Budget 2009-10 In order to make India World’s diamond hub, it’s planned to establish Diamond Bourses EOUs have been allowed to sell products manufactured by the in DTA (domestic tariff area) up to a limit of 90 per cent instead of existing 75 per cent, without changing the criteria of ‘similar goods’, within the overall entitlement of 50 per cent for DTA sale FOR MY ARTICLES AND DOCUMENTS, JUST CLICK: (The author writes on financial markets – especially, stocks, bonds and currencies and Indian economy. He writes about changing tax policies that impact individuals and corporates) www.pdfcoke.com/vrk100 OR http://groups.google.co.in/group/random-thoughts-on-investments/files?hl=en&&sort=date
November 10th, 2009
India’s Commerce Minister Anand Sharma, on August 27, 2009, announced India’s Foreign Trade Policy for 2009-14. The following are the highlights of the new Foreign Trade Policy (FTP): Govt to continue tax refund scheme for exporters until December 2010 Widens scope for products to be included for benefits under Focus Product Scheme (FPS). Additional engineering products, plastic and some electronics get a look in. Incentives under FPS raised from 1.25% to 2%. Twenty-six new markets have been added under Focus Market Scheme (FMS). Incentive available under FMS raised from 2.5 per cent to 3 per cent. To aid technological upgradation of export sector, EPCG Scheme at Zero Duty has been introduced Taking into account the decline in exports, the facility of Re-fixation of Annual Average Export Obligation for a particular financial year in which there is decline in exports from the country, has been extended for the 5-year Policy period 200914. support for Green products and products from North East To impart stability to the Policy regime, Duty Entitlement Passbook (DEPB) Scheme is extended beyond 31.12.2009 till 31.12.2010 To neutralize duty incidence on gold jewellery exports, it has now been decided to allow Duty Drawback on such exports To reduce transaction and handling costs, a single window system to facilitate export of perishable agricultural produce has been introduced To simplify claims under FPS, requirement of “Handloom Mark’ for availing benefits under FPS has been removed Income tax expemption to 100% EOUs and to STPI units under Section 10B and 10A of Income Tax Act has been extended for the financial year 2010-11 in the Budget 2009-10 In order to make India World’s diamond hub, it’s planned to establish Diamond Bourses EOUs have been allowed to sell products manufactured by the in DTA (domestic tariff area) up to a limit of 90 per cent instead of existing 75 per cent, without changing the criteria of ‘similar goods’, within the overall entitlement of 50 per cent for DTA sale FOR MY ARTICLES AND DOCUMENTS, JUST CLICK: (The author writes on financial markets – especially, stocks, bonds and currencies and Indian economy. He writes about changing tax policies that impact individuals and corporates) www.pdfcoke.com/vrk100 OR http://groups.google.co.in/group/random-thoughts-on-investments/files?hl=en&&sort=date
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