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Update on foreign trade policy 2015-20

Pradeep Jain 
on 13 April 2020

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The Central Govt. has made following changes, with immediate effect in respect of Foreign Trade Policy 2015-20 vide notification no. 57/2015-2020 dated 31st March, 2020 and public Notice no. 67/2015-2020 dated 31.03.2020:-

1. Foreign Trade Policy and Handbook of procedures 2015-20

Existing Foreign Trade Policy 2015-20 and Handbook of Procedures 2015-20 shall continue till 31st March 2021. The FTP 2015-2020 w.e.f. 05.12.2017incorporating was earlier valid up to 31st March, 2020, unless otherwise specified

2. SEIS Scheme(Service Exports from India Scheme)

a. DGFT has extended the last date of filing application for SEIS for the F.Y. 2018-19 to 31-12-2020.

b. SEIS Scheme shall be in force for FY 2019-20 as well. However, services which would be covered under SEIS scheme for the said period shall be notified by government.

c. Decision regarding whether to continue the SEIS scheme for FY 20-21 shall be taken by the Government later and notified accordingly.

Update on foreign trade policy 2015-20

3. Advance Authorisation

a. The exemption from payment of IGST and compensation cess in case of import against advance authorisation for physical exports has been extended for 1 year i.e. till 31.03.2021.

b. Moreover, Validity period for making imports under various duty free import authorizations (AA/DFIA/EPCG) and export obligations expiring between 01.02.2020 and 31.07.2020, has been allowed automatic extension for another six months from the date of expiry, without requirement of obtaining such endorsement on these authorizations.

c. Last date for filing Replenishment Authorisation Application extended by six month, if the last date of the same is falling between 01.02.2020 to 31.07.2020.

4. DFIA

a. Validity of DFIA (Including transferable DFIA) to be extended by six months, in case the same is getting expired between 01.02.2020 to31.07.2020.

 

5. EPCG Scheme

a. The exemption from payment of IGST and compensation cess in case of capital goods imported under EPCG Scheme for physical exports has been extended for 1 year i.e. till 31.03.2021

b. Where the validity period for making import under this scheme or submission of installation certificate or export obligation period expires during 01.02.2020 to 31.07.2020, the same shall get automatically extended by 6 months.

c. Wherever the period to make export is expiring between 01.02.2020 and 31.07.2020 under this scheme, automatic extension in the export obligation period is allowed for another six months from the date of expiry, without payment of any composition fee

 

6. EOU/ EHTP/STP/BTP

a. The imports and/ or procurement from bonded warehouse in DTA or from international exhibition held in India shall be allowed without payment of duty of customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 and additional duty, if any, leviable thereon under Section 3(1), 3(3) and 3(5) of the said Customs Tariff Act, Integrated taxand compensation cess leviable thereon under section 3(7) and3(9) of the Customs Tariff Act, 1975 and such exemptions would be available upto 31.03.2021.

b. LOP/ LOI whose validity expires on or after 01.03.2020 shall be deemed to be valid upto 31.12.2020.

c. Export Obligation Period for certain commodities under para 6.06(c) of HoP, in case expires between 1-3-2020 to 30-6-2020, it would be deemed to be valid up to 30-9-2020.

d. QPR for quarter ending March, 2020 and June, 2020 & APR for Financial Year 2019-20 can now be filed till 30-9-2020.

7. MEIS

a. Exports for which Let Export Order (LEO) date is between 1-2-2019 and 31-5-2019, the applications can be filed within 15 months from LEO date, instead of 12 months.

8. RoSCTL Scheme-

a. Last date for filing RoSCTL (Rebate of State and Central Levies and Taxes) application for shipping bills having LEO date from 7-3-2019 to 31-12-2019, has been extended from 30-6-2020 to 31-12-2020.

9. DFIA Scheme

a. All DFIAs (including transferable DFIAs), where the validity for import is expiring between 1-2-2020 to 31-7-2020, the validity stands extended by six months from the date of expiry.

10. Miscellaneous

a. Under the Import of branded jewellery and precious metals& Re-export Scheme, and Exports against Supply by Foreign Buyer, in case the last date for export falls between 1-2-2020 to 31-7-2020, the same will get extended by 6 months. However, relaxation in repatriation of sale proceeds/Forex realisation period in case of export of branded jewellery and precious metal as provided in Para 4.80 and 4.85A of HBP 2015-20 would be equal to period as allowed plus six months, or subject to RBI guidelines, whichever is less.

b. Date of filing of applications for TED Refund/ Drawback extended upto 30.09.2020, in case it falls on after 01.03.2020.

c. Validity of Status holder certificate has been extended up to 31-3-2021.

d. Application for claiming benefits under the Transport and Marketing Assistance for Specified Agriculture Products Scheme for the quarter ending 31-3-2019 and 30-6-2019 can be filed till 30-9-2020.

e. Late cut fee under para 9.02 must only be imposed on application filed after expiry of due date prescribed under the PN 67/2015-20 dated 31-3-2020.


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