Penal action and placing of an entity in Denied Entity List (DEL) by Director General of Foreign Trade (DGFT)
The Denied Entities List, also known as the ‘Black List’, is drawn under Rule 7 of Foreign Trade Regulation Rules1993 (from now on, referred to simply as ‘the rule’s). For a firm to be denied a license. The refusal to issue a license to a person under sub-Rule 7(2)...
Registered Exporter System (REX) | Enrich Professional Services
The new certificate of origin for products is called REX, short for Registered Exporter System. The approach above, put forth by the European Union, is for nations that gain access to markets through preferential trade agreements. System for Registered Exporters An economic actor offers self-certification’ that serves as their...
What is EPCG Invalidation?
Hey, in our previous blogs, we discussed the EPCG scheme, and we generally take EPCG license to import Duty-free Capital goods (i.e. Machinery). Do you know Capital goods can also be procured indigenously (locally) under the EPCG scheme? Let’s see how to procure Machinery under the EPCG scheme locally:...
Interest equalization scheme – Enrich Professional Services
The interest equalization scheme is for both pre and post-shipment rupee export extension of credits. People have asked for the extension of the Interest equalization scheme to which the Government also has given a green signal to it while the Government of India has approved the extension which was...
Regularization of Bonafide Default and Exit from EPCG Scheme
Exporters can import capital goods at zero duty under the EPCG plan in exchange for a six-year export obligation (EO) worth six times the duty saved. At least 50 percent of the EO must be completed during the first four years. The regulations allowing the exporter to apply for...
PROCESS FLOW FOR CLAIMING OF GST REFUND ON RICE MILL MACHINERY
Note: In case the supplier doesn’t charge the GST on Invoice, he will pay GST to Govt and he will only claim the refund. In this case, claiming GST will be on Supplier and we only need to take EPCG and Invalidation. Top DGFT Consultants Authors Bio:- Sudheer...
Fixation Norms
Norms Fixation & Headquarters: Every applicant should be aware that input/ goods which are imported are used for Export/output, according to SION, known as Standard Input Output Norms. When an export product doesn’t fall in place, the exporter can fix norms, and the manufacturer Exporter and merchant exporter can...
Subsidy Scheme for new Food Processing Units
Objectives and results The creation of preserving and processing capacities and modernization or expansion of existing food-producing units helps in increasing the level of processing, adding values, and which helps in leading to reduction of food loss for creation or development of food processing and those who have preservation...
What is e-Registration Cum Membership Certificate (e-RCMC)
e-Registration Cum Membership Certificate (e-RCMC) A membership certificate issued for 5 years is known as Registration Cum Membership Certificate. It is issued by the commodity board of India or Export Promotional Councils. The RCMC is proof to show that any exporter has registered himself with a council. Previously, if...
Amendments to Importer Exporter Code (IEC)
What is Importer Exporter Code (IEC)? IEC is mandatory for import to India or export from India as it has the business identification number. Import Export license is one of such pre-requisite when you think of importing or exporting from India which is also known as the Importer Exporter...