The commerce ministry on Tuesday extended the quinquennial foreign trade policy (2015-2020) by another year till 31 March, 2021 while continuing with most of the existing export promotion schemes.
“Benefit under all the export promotion schemes (except Service Exports from India Scheme) and other schemes, available as on date, will continue to be available for another 12 months. The decision on continuation of SEIS will be taken and notified subsequently,” the commerce ministry said in a statement.
The validity period for making imports under various duty-free import authorizations expiring between 1 February and 31 July has been allowed automatic extension for another six months from the date of expiry, without the requirement of obtaining such endorsement on these authorizations. Similarly, wherever the period to make export is expiring between 1 February and 31 July under various authorizations, automatic extension in the export obligation period is allowed for another six months from the date of expiry, without payment of any composition fee.
The commerce ministry has also extended the last dates for applying for various duty credit scrips such as Merchandise Exports from India Scheme, Service Exports from India Scheme and Rebate of State and Central Taxes and Levies (RoSCTL). It has also relaxed the timelines for imposing late cuts, on the applications which are filed after the prescribed dates.