Consolidation of a range of schemes of export incentives into two schemes Export incentives under these two schemes in the form of duty credit scrips which can be used by exporters to pay import duties The ID: 1046144
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1. 1EASE OF DOING BUSINESS UNDER THE FOREIGN TRADE POLICYConsolidation of a range of schemes of export incentives into two schemes – Export incentives under these two schemes in the form of duty credit scrips, which can be used by exporters to pay import duties. The scrips are fully transferable to another.Reduced export obligation from 90% to 75% for capital goods sourced from local manufacturers under the Export Promotion Capital Goods (EPCG) Scheme.Manufacturers certified as “status holders” by the DGFT self-certify their goods as originating from India. This helps them qualify for preferential treatment under various bilateral and regional trade agreements.The policy identifies 108 micro, small and medium enterprise (MSME) clusters for focused interventions with a view to boost exports.
2. 2EASE OF DOING BUSINESS IN INDIRECT TAXATIONFACELESS ASSESSMENT SCHEMEInserted vide Circular No. . 28/2020- Customs Dt. 05.06.2020This scheme was introduced under the Turant Customs, so as toprovide uniformity and certainty in assessment practices.Two levels of FA:LocalVirtualTo view the Circular, click here:https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2020/Circular-No-28-2020.pdf
3. 3AUTHORIZED ECONOMIC OPERATOR PROGRAMMEInserted by Circular No. 42/2005 Customs Dt. 24.11.2005 as amended byCircular No, 33/2016 Cus Dt. 22.07.2016 & 03/2018 Cus Dt. 17.01.2018.India adopted SAFE Framework by WCO in 2005.An entity engaged in International trade is approved by Customs ascompliant with supply chain security standards and granted AEO Status& certain benefits.Tiers of Certification under New AEO Programme:1. AEO T1 2. AEO T2 3. AEO T3 4. AEO LOTo view the Circular, click here:https://www.cbic.gov.in/htdocs-cbec/customs/cs-circulars/cs-circulars-2005/42-2005-cus
4. 4BONDED MANUFACTURINGInserted vide Circular No. 34/2019- Customs Dt. 01.10.2019.As per Sec. 65 of the Customs Act, 1961 read with the Manufacture andOther Operations in Warehouse (No.2) Regulations, 2019.Eligibility:Holder of License for Warehouse under Sec. 58 of the Act2. Permission for undertaking manufacturing under Sec. 65.3. Must be a citizen of India or entity incorporated or registered inIndia.To view the Circular, click here:https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2019/Circular-No-34-2019.pdf
5. 524/7 CUSTOMS CLEARANCEInserted Vide Instruction No. 02/2020- Customs Dt 20.02.2020Salient features of 24x7 Customs clearance:This facility was introduced at 18 Sea Ports w.e.f 31.12.2014 videCircular No. 19/2014-Customs Dt 31.12.2014.Applicable for goods covered by ‘facilitated’ Bills of Entry, export offactory stuffed containers and free Shipping Bills.Due to COVID-19 Pandemic, this facility was extended at all Customsformations to address congestion or delay along with Sea Ports/ AirPorts already under 24x7 operation.To view the Instruction, click here:https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-instructions/cs-instructions-2020/cs-ins-02-2020.pdf