April 1, 2023: Important Current Affairs
Amnesty scheme, incentives for repayment in new foreign trade policy An amnesty scheme for one-time settlement of default in export obligation, a push towards e-commerce exports, and incentives to exports that are paid for by rupee, are the key focus areas of the government’s new foreign trade policy. The new foreign trade policy also proposes to reduce export licence fee for MSMEs along with allowing merchanting trade, involving shipment of goods from one foreign country to another without touching Indian ports but involving an Indian intermediary. Under the amnesty scheme, an online portal will be launched for registration and a six-month window till September 30 will be available to exporters to avail the scheme. It will cover all pending cases of default in export obligation of authorisations – these can be regularised on payment of all customs duties exempted in proportion to unfulfilled export obligation. The maximum interest is capped at 100 percent of such duties exempted, and n…
