Circular No.ES/1/2020-21 2nd April, 2020
To: Members of the Council
Sub.: Foreign Trade Policy 2015-2020 extended for one year
We would like to inform you that the Ministry of Commerce and Industry has announced changes in the Foreign Trade Policy (FTP) of the Government of India on 31st March, 2020 (Press Release dated 31st March, 2020).
The present Policy which came into force on 1st April, 2015, is for 5 years and has validity upto 31st March, 2020. In view of the unprecedented current situation arising out due to Novel COVID-19, the Government has decided to continue relief under various export promotion schemes by granting extension of the existing Foreign Trade Policy up to 31st March, 2021. Several other relief measures have also been announced to support trade and industry.
Salient points of the changes made in the FTP are as follows (Relevant extract):
The current FTP, valid till 31st March, 2020 has been extended till 31st March, 2021. Similar extension is made in the related procedures, by extending validity of Hand Book of Procedures.
Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be available till 31st March, 2021. Decision on continuation of SEIS will be taken and notified subsequently.
Validity period of the Status Holder Certificates is extended till 31st March, 2021.
Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc. has been extended till 31st March, 2021.
Validity period for making imports under various duty free import authorizations (AA/DFIA/EPCG) expiring between 1st February, 2020 and 31st July, 2020, has been allowed automatic extension for another six months from the date of expiry, without requirement of obtaining such endorsement on these authorizations.
Wherever, the period to make export is expiring between 1st February, 2020 and 31st July, 2020 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.
Last dates for applying for various duty credit Scrips (MEIS/SEIS/ROSCTL) and other Authorisations have been extended.
Time lines for imposing late cuts, on the applications which are filed after the prescribed dates, have been relaxed.
Validity period of Letter of Permission/ Letter of Intent as granted to EOUs, units in STPs/EHTPs/BTPs is further extended up to 31st December, 2020.
Last date of filing applications for refund of TED/Drawback has been extended.
Extension in time has been allowed for filing various Reports/Returns etc. under various provisions of the FTP.
Members may kindly make a note of the above.