MAJOR PROCEDURAL SIMPLIFICATION STEPS TO BOOST EXPORTS ANNOUNCED
Date : 24 Nov 2004
Location : New Delhi
Major procedural simplification steps to boost exports by cutting down delays and reducing transaction costs to the exporters were announced by the Ministry of Commerce & Industry, here today. The measures are in pursuance the announcement made by Shri Kamal Nath, Union Minister of Commerce & Industry, in the Foreign Trade Policy (2004-09) on 31st August, 2004 that the government is committed to reducing transaction cost and simplifying procedures and that to this effect, a number of rationalisation measures would be introduced.
The procedural simplification measures notified by the Directorate General of Foreign Trade (DGFT) through a series of notifications issued recently are as follows:
To enable the importing/exporting community to file their annual import/export trade returns, the last date has been extended from 31st October to 31st December;
The system of nexus examination by an expert Committee for issuance of EPCG licences has been dispensed with. Henceforth, the EPCG licences can be obtained based on a certificate issued by a Chartered Engineer certifying the essentiality of goods;
To develop agricultural infrastructure and promote export of agricultural products new Agri Export Zones have notified for Bananas, Oranges, Cashewnut, Sesame seeds, Lentils and Grams in the States of Maharashtra, Madhya Pradesh, Tamil Nadu and Gujarat; and
Star Exporters seeking renewal of upgradation of their existing status shall not be required to file detailed bank realisation statements.