The GJEPC has informed all member-exporters that the Union Commerce and Industry Ministry has extended the existing Foreign Trade Policy by another one year i.e. up to 31st March, 2021 and announced several other relief measures to support trade and industry.

The Council said this was one of the recommendations it had made in a representation to the Ministry of Commerce & Industry, Government of India after extensive consultation with the industry. The DGFT issued the relevant Notification and Public Notice, “based on our persistent follow ups”, the Council added.

According to the Council, the following are some of the key changes

• As per para 1.01 of Foreign Trade Policy (FTP) 2015-2020 shall remain in force upto 31st March 2021, unless otherwise specified.

• As per para 4.14 will be read as “Imports against Advance Authorisations for physical exports are exempted from Integrated Tax and Compensation Cess upto 31st March 2021.”

• As per para 4.29 All Duty-Free Import Authorisation (DFIA) including all transferable DFIAs where the validity of Import is expiring between 1st February 2020 and 31st July 2020, the validity stands automatically extended by six months from date of expiry.

• As per para 4.41 for all advance authorisation where the validity of imports is expiring between 1st February to 31st July 2020, the validity stands extended by six months from the date of expiry.

• As per para 4.42 for all advance authorisations where export obligation period is expiring between 1st February to 31st July 2020, the export obligation period stands extended by six months from the date of expiry. No separate application with composition fee, amendment or endorsement is required for this purpose.

• As per para 4.59 for the replenishment authorisation application where the last date of filling the application falls between 1st February to 31st July 2020, the last date stands extended by six months.

• As per para 4.75 the re-export of imported diamonds which falls between 1st February to 31st July 2020 has been extended by six months

• As per para 4.77 export against supply by foreign buyer which falls between 1st February to 31st July 2020 has been extended by six months

• As per para 4.80 export through Exhibitions/Export Promotion Tours/Export of Branded Jewellery in all these cases the where the last date, calculated as per the durations mentioned under various sub- paras is expiring between 1st February to 31st July 2020 has been extended by six months. This will include extension in time for replenishment, booking with nominated agencies and time allowed for re-import.

• For Para 4.82 (replenishment basis), para 4.83 (outright purchase basis in advance), para 4.84 (loan basis) and para 4.85 (export against advance authorisation) where the last date expires between 1st February to 31st July 2020 has been extended by six months.

The complete DGFT Public Notice & Notification is available on our website members may download the same from www.gjepc.org.