Page 248 - DECO303_INDIAN_ECONOMY_ENGLISH

Unit 14: Tertiary Sector in the Indian Economy

on declarations provided by the importers with respect to the restriction of value and Notes
quantity of samples.
2. To permit exemption for up to two stages from payment of excise duty in place of refund,
in case of supply to an Advance Authorisation holder (as opposed to invalidation letter)
by the domestic intermediate manufacturer. It would permit exemption for supplies made
to a manufacturer, in case such manufacturer, in turn, supplies the products to a final
exporter. At present, exemption is permitted up to one stage only.
3. Greater flexibility has been allowed to permit conversion of Shipping Bills from one
Export Promotion Scheme to other scheme. Customs shall now allow this conversion
within three months, rather than the present limited period of only one month.
4. To decrease transaction costs, dispatch of imported goods straight away from the Port to
the site has been permitted under Advance Authorisation scheme for deemed supplies.
Currently, the duty-free imported goods could be taken only to the manufacturing unit of
the authorisation holder or its supporting manufacturer.
5. Regional Authorities have now been sanctioned to issue licences for the import of sports’
weapons by ‘renowned shooters’, based on NOC from the Ministry of Sports & Youth
Affairs. At present there will be no requirement to approach DGFT (Hqrs.) in such cases.
6. Automobile industry, having their own R&D establishment, would be permitted free
import of reference fuels (petrol and diesel), up to a maximum of 5 KL per annum, which
are not generated in India.

Directorate of Trade Remedy Measures

1. To facilitate support to Indian industry and exporters, particularly the MSMEs, in availing
their rights via trade remedy instruments, a Directorate of Trade Remedy Measures shall
be established.

Task Prepare a presentation on the Foreign Trade Policy and its implications.

Self Assessment

Fill in the blanks:

6. To reduce ……………………, dispatch of imported goods directly from the Port to the site
has been allowed under Advance Authorisation scheme for deemed supplies.
7. …………………… has been covered under VKGUY Scheme benefits.
8. The objective of …………………… is to neutralize the incidence of customs duty on import
content of export product.
9. Component of …………………… on fuel (appearing as consumable in the SION) shall also
be factored in the DEPB rate.
10. To facilitate duty-free import of samples by exporters, number of samples/pieces has
been increased from the existing …………………….
11. A number of …………………… have been set up with a view to assist the promotion of
exports of specific commodities or groups of products.
12. The government has set up an …………………… to formulate the policies in order to
increase the production and export of respective commodities.

LOVELY PROFESSIONAL UNIVERSITY 243