Page 247 - DECO303_INDIAN_ECONOMY_ENGLISH

Indian Economy

Notes 3. To encourage the export of Gems and Jewellery products, the value limits of personal
carriage have been raised from US$ 2 million to US$ 5 million in instance of participation
in overseas exhibitions. The limit in instance of personal carriage, as samples, for export
promotion tours, has also been raised from US$ 0.1 million to US$ 1 million.

Agriculture Sector

1. To decrease transaction and handling costs, a single window system to enable the export
of perishable agricultural produce has been launched. The system will include creation of
multi-functional nodal agencies to be recognized by APEDA.

Leather Sector
1. Leather sector shall be permitted re-export of unsold imported raw hides and skins and
semi-finished leather from public bonded warehouses, dependent on payment of 50% of
the applicable export duty.

2. Enhancement of FPS rate to 2% would also vitally benefit the leather sector.
Tea

1. Minimum value addition under Advance Authorisation Scheme for export of tea has been
decreased from the prevailing 100% to 50%.
2. DTA sale limit of immediate tea by EOU units has been enhanced from the prevailing 30%
to 50%.

3. Export of tea has been included under VKGUY Scheme benefits.

Pharmaceutical Sector
1. Export Obligation Period for Advance Authorization published with 6-APA as input has
been increased from the prevailing six months to 36 months, as is accessible for other
products.

2. Pharma sector has been widely covered under MLFPS for countries in Africa and Latin
America and for few countries in Oceania and Far East.

EOUs

1. EOUs have been permitted to sell products manufactured by them in DTA up to a limit of
90% instead of existing 75%, without altering the criteria of ‘similar goods’, inside the
total entitlement of 50% for DTA sale.
2. To offer clarity to the customs field formations, DOR shall issue a clarification to facilitate
the procurement of spares outside 5% by granite sector EOUs.
3. EOUs will now be permitted to procure finished goods for consolidation along with their
manufactured goods, subject to specific safeguards.

4. EOUs will now be permitted CENVAT Credit facility for the component of SAD and
Education Cess on DTA sale.

Simplification of Procedures

1. To enable duty-free import of samples by exporters, number of samples/pieces has been
enhanced from the prevailing 15 to 50. Customs clearance of such samples shall be based

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