Exporters and importers have always demanded to receive periodic updates to stay informed about the current state of our industry. They want to know what is happening, what new notifications have been issued and how these updates will affect us. They also want to understand the benefits and inconveniences of several situations and what compliance steps they should take. They believe that receiving this information will regularly allow them to make decisions well informed.
Taking into account this demand for the Exim industry (export and import), we are starting a new series of its kind. In this series, we will provide not only regular conceptual and informative blogs loaded every Tuesday. In these blogs, you will get all the important updates of the previous week in a simple and concise way. We believe that this series will be very beneficial for new Exim companies, import-export business owners and professionals who work in the Exim field. Then, let’s start.
We have helped numerous new exporters and importers when guiding them from the beginning and helping them execute their export/import shipments. We provide support in various areas, such as DGFT, Customs, Logistics and Export Incentives.
General commercial scenario
The objective of India is to achieve 2 billion dollars of exports by 2030, with 1 billion each in exports of goods and services.
According to Santosh Kumar Sarangi of DGFT, to achieve this goal, India will need to achieve an annual growth rate of 12% in exports of goods and 16.6% in services exports.
General news
Everyone knows that in export and import, international transactions are carried out through the Swift channel. According to some reports, India now plans to establish its own independent financial messaging system similar to Swift. This system will facilitate the bilateral trade of the Indian rupees, which makes it easier and more efficient.
The Indian government is actively promoting special accounts of rupees. Until now, 20 banks from 22 countries, including Germany, Bangladesh and Russia, have opened 92 of those Vostro accounts.
Another important news is that the United India-Reino Free Trade Agreement (FTA) could be signed before the end of this year. In this agreement, India is seeking zero service access for its textile, leather and other Labor industries.
On July 25, the first commercial shipping from Rupias from India to Bangladesh was executed from the port of Petrapole lands in Western Bengal. The shipment, with a value of 1.23 million rupees, contained “vehicle chassis” by Tata Motors. This marks a positive beginning towards the internationalization of Indian rupee and reducing the dependence of the dollar.
Watch this video on export import [EXIM] Weekly Business Updates – General News | New notifications | July 24 to 30, 2023
https://www.youtube.com/watch?v=tolbwzxi754
DGFT and CBIC important notifications
These are some of the important notifications for the week:
- DGFT has imposed the prohibition of the export of rice bran disbursed until November 30, 2023.
- CBIC has issued an important notification that simplifies the list of documents required for the AD (Authorized Code of the Concessionaire) and IFSC (Indian Financial System Code). As shown in the image, customs officers will now focus on just two important documents: the bank’s authorization letter and a canceled check or the last bank account state.
International logistics and freight rates
Container prices are mostly stable, despite the expectations of the start of the high season. However, there is no significant increase in load demand, which has led to a situation in which shipping lines are forced to reduce their ability to avoid losses.
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 the fee 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.
#Updates #exportimport #industry #notifications #commercial #trends
