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ANNOUNCEMENT 26 Feb 2009
In February 2009, the government of India announced a change in the tax legislation for exporters.NUMBER OF INTERVENTIONS
2
SOURCE
Notification No. 88 (RE-2008) / 2004-2009
http://dgft.gov.in/exim/2000/not/not08/not8808.htm
Public Notice No. 151/2008
http://dgft.gov.in/exim/2000/pn/pn08/pn15108.htm
On 26 February 2009, the Government of India vide Notification No. 88 (RE-2008) / 2004-2009 notified various amendments to India's foreign policy.
Import policy
The import policy for "worked coral" was made free, where earlier the import of these products was restricted, and required license from the Directorate General of Foreign Trade (DGFT), Government of India.
According to UN Comtrade, bilateral trade on the stated tariff line did not exceed USD 1 million for a single trading partner in 2008, the year prior to the imposition of this measure. Hence, no countries are listed as affected trading partners for this change.
Personal carriage of gold
The limit of personal carriage of gold in primary form, by authorised persons, was allowed, upto 10 kgs in a financial year, subject to guidelines prescribed by the Reserve Bank of India and Department of Revenue, Government of India. This was previously not allowed by customs authorities, in the absence of an explicit provision in this regard.
Export incentive schemes
Under the Focus Product Scheme, an additional grant of duty credit scrips, equivalent to 5% of FOB value of exports, was made available to special products or sectors having high labour intensity. Vide Public Notice No. 151/2008, also issued on 26 February 2009, handmade carpets and other textile floor coverings benefit from this provision.
Import-related non-tariff measure, nes
On 26 February 2009, the Government of India vide Notification No. 88 (RE-2008) / 2004-2009 notified various amendments to India's foreign policy.
Import policy
The import policy for "worked coral" was made free, where earlier the import of these products was restricted, and required license from the Directorate General of Foreign Trade (DGFT), Government of India.
According to UN Comtrade, bilateral trade on the stated tariff line did not exceed USD 1 million for a single trading partner in 2008, the year prior to the imposition of this measure. Hence, no countries are listed as affected trading partners for this change.
Personal carriage of gold
The limit of personal carriage of gold in primary form, by authorised persons, was allowed, upto 10 kgs in a financial year, subject to guidelines prescribed by the Reserve Bank of India and Department of Revenue, Government of India. This was previously not allowed by customs authorities, in the absence of an explicit provision in this regard.
Export incentive schemes
Under the Focus Product Scheme, an additional grant of duty credit scrips, equivalent to 5% of FOB value of exports, was made available to special products or sectors having high labour intensity. Vide Public Notice No. 151/2008, also issued on 26 February 2009, handmade carpets and other textile floor coverings benefit from this provision.