ANNOUNCEMENT 04 Jun 2015In June 2015, the government of India announced a general change in export conditions.
NUMBER OF INTERVENTIONS
Notification No: 9 /2015-2020
List of status holder firms
On 4 June 2015, the Indian Ministry of Commerce & Industry reduced the duty free allowance for Status Holders to export promotional products. Earlier the limit for such duty free export was INR 1 million or 2% of average annual export realization in the previous three years, "whichever is higher". The limit has now been changed to INR 1 million or 2% of average annual export realization of the firm in the previous three years, "whichever is lower". Effectively, a cap of INR 1 million (ca. USD 15'800)has been placed on such duty free exports.
Within the indian foreign trade policy, Status Holders include business leaders, firms with high contribution to international trade and firms with high export contributions (at least USD 3 million per year). The list of such firms currently (update link provided below) lists more than 5700 status holder firms.
The allowance was later increased on 23 August 2017 (see related State Act).