ES/CIR/133//2022-23 March 31st, 2023
To: Members of the Council
Sub: Announcement of New FTP 2023
The Hon’ble Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, Shri Piyush Goyal, launched the New Foreign Trade Policy (FTP) 2023 today.
Some of the salient features of the New FTP are as follows:
- Automatic approval of various permissions under Foreign Trade Policy based on process simplification and technology implementation.
- Application fee being reduced for Advance Authorization and EPCG Schemes.
- All authorisation redemption applications to be paperless.
- Export performance threshold for Recognition of Exporters as Status Holders rationalized.
- FTP benefits extended for rupee realisations through special Vostro accounts.
- Districts as Export Hubs aims to boost India's foreign trade by decentralizing export promotion.
- All FTP benefits to be extended to E-Commerce exports.
- Special Advance Authorisation Scheme extended to export of Apparel and Clothing sector on Self-declaration basis to facilitate prompt execution of export orders.
- Amnesty scheme for one-time settlement of default in export obligation by Advance Authorization and EPCG authorization holders being introduced.
A copy of Key Highlights of FTP 2023 is enclosed herewith (click to download).
This is for your information.