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Rates under the RoDTEP scheme to be announced in 15 days: DGFT
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SME Times News Bureau | 14 May, 2021
The much-delayed announcement of the rates under the Remission of Duties
and Taxes on Exported Products (RoDTEP) scheme will be made in 15 days,
Director General, Foreign Trade, Amit Yadav said on Friday.
Participating
in a virtual interactive session, organised by the PHD Chamber of
Commerce and Industry, Yadav stated that as compared to 2019, there has
been a 16 per cent growth in exports for the month of April 2021
primarily due to the contribution from sectors like engineering, gems
& jewellery, petroleum products, drugs and pharma, ready-made
garments and spices.
Noting that the situation was completely
different last year when there was a complete halt even in the movement
of goods and services, he said that the government this year has
restricted the lockdown to curfew in few places to ensure stability in
the economy.
The DGFT also said that the government is working on
the ways to reduce the number of compliance issues faced by the
industries. The government has set up a dedicated Covid-19 helpline to
resolve the issues faced by the exporters pertaining to the
international trade such as custom clearance delays and banking issues,
he added.
PHD Chamber President Sanjay Aggarwal, in his remarks,
stated that the recent measures announced by the Directorate General of
Foreign Trade, such as extension of Foreign Trade Policy for sic months
till September 2021, amendments in Covid-19 related export and import,
exemptions of custom duties on Remdesivir injections, Covid-19 vaccines
& oxygen related equipment and other export promotion schemes are
very well-timed.
Noting that the Centre has replaced the
Merchandise Exports from India Scheme (MEIS) with a more nuanced RoDTEP
scheme with effect from January 1, 2021, he said that the MEIS
application process for March 2020-December 2020 is still on suspension.
"This
is directly hindering the exports and exporters are struggling to keep
their businesses afloat. As several exporters have major portion of
their profits in the MEIS, but that being blocked, they are facing
liquidity issues. This needs to be addressed as immediately as
possible," he said.
Aggarwal also said that the Service Exports
from India Scheme has still not been extended for 2019-20, despite
having been announced. This is blocking funds of many service export
organisations, he said, requesting that it should be opened for 2020-21.
In
regard to the Duty Exemption Scheme, he suggested the simplification of
Advance Authorisation scheme with help exporters who struggle to get
the issuance and redemption.
According to Aggarwal, there is also
a need to safeguard MSMEs and iron and steel industry from skyrocketing
steel prices. At the same time, there is also a need to levy uniform
duty on all forms of iron ore exports, including pellets.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
As on 13 Aug, 2022 |
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