The objective of the policy is to double India's percentage share of global trade in 5 years, so that it could effectively become an instrument of economic growth. The focus areas continue to be, agriculture, gems & jewellery, handlooms, etc.
EPCG
Procedural simplifications for fixation of NEXUS made, and CG imports allowed based on a Chartered Engineer's certificate regarding Nexus with the export product. At present admissibility of import of Capital Goods under the Scheme is examined by a Committee.
Flexibility to discharge the export obligation imposed on concessional CG imports under the Scheme not only from export of alternative products manufactured or services (not directly related to the CG imported) rendered by the firm, but the scope extended to include exports of products/services by Group Companies also.
Refixation of export obligation of past EPCG licences in line with present Policy i.e. Export obligation to be eight times the duty saved (instead of five times the CIF value).
Facility of clubbing of EPCG licences introduced for discharge of export obligation.
Import of spares, refractories, catalyst and consumables allowed under EPCG
Deemed Exports:
Deemed export facility extended for items having Zero% basic Customs duty.
Fixation of Drawback brand rates for deemed exports decentralised and delegated to DGFT Regional offices.
Promotional Measures:
To promote export related infrastructure, rupee payments received for Port handling services shall also be counted towards discharge of export obligation under EPCG scheme.
To boost R &D activity, import of Prototypes shall be allowed to Actual Users without any limit (presently restricted to 10 nos per annum) - Ceiling on export of Gifts abroad raised from Rs One Lakh to Rs Five Lakh per annum
Removal of Quantitative Restrictions:
Imports allowed freely for Gold and Silver
Duty Exemption Scheme:
To offset the high power costs faced by the manufacturing sector, duty free Fuel shall be allowed to be imported with actual user condition under Duty Free Replenishment Certificate (DFRC) scheme.
Advance Licence for intermediate supplies allowed against Duty Free Replenishment Certificate (DFRC) scheme.
Sensitive list under DFRC pruned with downward revision of Custom duties.
For Status Holder exporters involved in multi location multi product exports, benefits of Export Obligation period extension and Revalidation facility extended to those availing the scheme of Advance Licence for annual requirements also. The scheme of Advance Licence for annual requirements extended to deemed exports and intermediate supplies also.
Advance Licence facility where all or some of the inputs are supplied free of cost to the exporter, re-introduced.
Payment of Composition fee for extension of Export Obligation reduced and linked to duty saved amount.
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