Exporters and importers have always demanded that we receive periodic updates about what is happening in our industry. We need to know what is currently happening, the new notifications and how they will affect us. We want to understand the advantages and disadvantages, as well as the necessary compliance steps that we must take. We need all this information regularly so that we can always make well -informed decisions.

Taking into account this demand for the Exim industry (Export-Import), we are starting a new series that is the first of its kind. In this series, apart from the regular conceptual and informative videos, every Tuesday we will upload a brief video of less than 5 minutes. In this blog, you will receive all the important updates of the previous week in a simple and concise way. This series will be extremely beneficial for new Exim companies, import-export business owners and professionals who work in the Exim field. So let’s start!

General news in the Exim industry

Everyone knows that as of November 1, 2023, the Government has announced that companies will need a restricted import license to freely import laptops, tablets, PC, servers and other similar products.

There is a significant update on this issue of reliable sources, and the update is that the government is likely to postpone this decision even more.

As of November 1, the Government plans to establish a “import monitoring/management system” to monitor the importation of these products. Little by little, possibly of the new financial year, the government can announce annual import fees for laptops, tablets, PC, servers, etc.

These quotas will be determined for each company based on three parameters:

  • The average value of Total Hardware imported in the last 3 fiscal years.

  • The scope of the national manufacture of IT hardware devices.

  • The export of electronic goods.

For the current fiscal year, the Government will mainly monitor the source and value of imports through the import monitoring system, allowing companies to import as much as they need to meet demand. The quotas and other compliance measures will be introduced later.

It is likely that the Rodtep scheme (tariff remission and taxes on exported products) for the export of pharmaceutical products, chemical and steel spread for 6 months. As you will know, initially, the RODTEP scheme did not provide benefits to exporters of pharmaceutical products, chemical and steel. However, the benefits for exporters of these products began as of December 15, 2022, but initially were established on September 30, 2023. Taking into account the current export conditions, it seems that this benefit will be extended for 6 months additional for pharmaceutical, chemical and steel exporters.

Currently, it does not seem likely that the Government includes Eou (export -oriented units)/ units or sez shipments under early authorization in the Rodtep scheme.

Watch our brief video on export import [EXIM] Weekly Business Updates – General News | New notifications | August 28 to September 24, 2023
https://www.youtube.com/watch?v=aosthmjvm9c

DGFT and CBIC Important notifications.

Now, let’s discuss some important notifications of the General Directorate of Foreign Trade (DGFT) and the Central Board of Indirect Taxes and Customs (CBIC):

  • There is a significant update on electronic commerce exports. The Government has issued a notification that instructs banks and other financial institutions that provide a loan of credit and pre-envelope’s export credit/after sending in foreign currency facilities (PCFC) to electronic commerce exporters. This is a crucial step destined to promote Electronic Commerce exports of India. In addition, DGFT has announced that, according to the new guidelines of the Foreign Trade Policy (FTP), they will carry out monthly workshops to support and guide electronic commerce exporters in understanding various rules, processes, skill development and capacity development . These workshops will cover issues such as cross -border logistics, postal and customs compliance, and cross -border payment mechanisms.

  • DGFT has also eliminated 29 cameras/agencies of Appendix 2E to issue certificates of origin (COO) [Non-preferential]. DGFT’s justification is that despite repeated reminders, these agencies did not take the necessary actions to enter aboard the E-Coo Common platform for CO (non-preferential) online broadcast. Exporters must take into account that, with immediate effect, the COO issued by these 29 agencies will not be considered valid.

Who are we and why choose us?

We in Afoo Group, we are a DGFT team and customs experts who have a rich experience of more than 10 years in exim consultancy & International Logistics [Freight Forwarding] And I also deal in Buy/Sell/Rodtep/ROSCTL/DFIA License With our vast knowledge and experience in this field, we can represent your case for all activities related to services and obtain it in a problem. We are well equipped to handle global trade logistics with efficiency and experience. Let us manage logistics while focusing on growing your business. Contact us today to get more information about how we can help you rationalize your supply chain and increase your final result. We are dedicated to providing efficient and profitable logistics services to help our customers.

Therefore, contact us for any of your requirements and our team will be happy to help you.

We ask you to share this information with your other friends in the industry, commercial associations, since this information could also help them.

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