Page 8 - Commerce Ministry

Commerce ministry should amend SEZ rules for sourcing from EOUs: Expert

EOUs were de-licensed as bonded warehouses with effect from August 13, 2016

Exporters left in cold over flawed RoDTEP scheme

The main objective of RoDTEP is to refund the duties and taxes that are not rebated or exempted through schemes for duty drawback, advance authorisation, EOU etc

Commerce Ministry seeks financial aid from FinMin for MMTC's VRS scheme

The Commerce Ministry has sought financial support from its finance counterpart to pay compensation to the employees of public sector trading firm MMTC (Metals & Minerals Trading Corporation of India) under its VRS scheme, sources said. According to sources in the Commerce Ministry, which is the nodal ministry of MMTC, the ministry has sent a proposal regarding this to the Finance Ministry. The company needs money to pay its employees who are opting for VRS (voluntary retirement scheme), and due to its weak financial conditions, MMTC is unable to pay the due amount, one of the sources said. The ministry is hopeful that the Finance Ministry would consider the proposal positively, the sources said. In July last year, MMTC's board had approved the VRS proposal for its employees.

Import monitoring system being built for several sectors: Commerce Ministry

The system would help gather advanced information on imports of these products and make it available to the stakeholders, including government and domestic industries

Commerce min for extension of anti-dumping duty on carbon black

The move is with a view to guard domestic players from cheap imports

India making efforts to deregulate economy to get better investments: Goyal

The government is making efforts to deregulate the economy with an aim to attract greater investments from across the world, Commerce and Industry Minister Piyush Goyal

Will meet $1-trn export target by '25, says Goyal; industry seeks more help

The Board of Trade, under the Department of Commerce, comprises senior officials of key ministries, representatives of states and industry and trade promotion bodies

Exporters seek extension of tax benefits for cross-border e-commerce

Exporters on Wednesday suggested to the government a series of steps, including extension of fiscal benefits to SEZ units, presumptive tax for cross-border e-commerce and free trade pacts with countries like the US and UK, to boost domestic manufacturing and outbound shipments. These recommendations were made by the Federation of Indian Export Organisations (FIEO) at a meeting of the Board of Trade (BOT) which was chaired by Commerce and Industry Minister Piyush Goyal. Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds. Further, the federation recommended refund of GST to foreign tourists, RoDTEP (Remission of Duties or Taxes on Export Products) scheme covering all products; and amnesty scheme for schemes prescribing export obligation. FIEO Director General Ajay Sahai .

Govt asks farmer unions to submit specific issues in farm laws by Wednesday

The government has asked farmers' bodies to identify specific issues related to the three new farm laws and submit those by Wednesday for consideration and discussion in the next round of talks

New national retail policy: Licence rationalisation among five focus areas

The five areas that would be addressed in the policy are ease of doing business, rationalisation of the licence process, digitisation of retail, focus on reforms and open network for digital commerce

Gold imports decline 47.42% to $9.28 bn during Apr-Oct as demand falls

India's gold imports, which have a bearing on the current account deficit, plunged 81.22% to $2.47 billion during April-July period of 2020-21 due to a notable fall in demand in the wake of Covid-19

Cut quarantine period for vessels arriving from China: Commerce Ministry

he Commerce Ministry has asked to reduce the 14-day quarantine period to seven days

Will support our industry to invest in Africa in big way: Piyush Goyal

India will support its domestic industry to invest in Africa in a big way in order to further strengthen economic ties between the two regions, Commerce and Industry Minister Piyush Goyal said

India's exports decline 5.4% in October to $24.82 billion: Govt data

Exports during April-October 2020-21 stood at $150.07 billion, registering a decline of 19.05 per cent over the same period last year

Won't spare any way in maintaining level-playing field in e-commerce: Govt

Minister of State for Commerce Som Parkash on Friday said the government will not spare any efforts in maintaining a level-playing field in e-commerce

Govt mulling shifting BIS to commerce ministry, says Piyush Goyal

The government is deliberating shifting of the BIS from the Department of Consumer Affairs to the Ministry of Commerce and Industry, Union Minister Piyush Goyal said on Friday.

Govt put out update FDI policy, ambiguity on Chinese firms continues

The new edition includes the April 2020 circular that said foreign investment from countries sharing a land border with India requires prior approval of the Indian government

Commerce Ministry releases next edition of consolidated FDI policy document

The Commerce and Industry Ministry on Wednesday released the next edition of its consolidated foreign direct investment (FDI) policy document, incorporating all the changes made over the past year. According to the Department for Promotion of Industry and Internal Trade (DPIIT), the new circular has come into effect from October 15. The consolidated policy is a compilation of various decisions taken by the government with regard to FDI in different sectors. DPIIT, which deals with FDI related matters, compiles all policies related to foreign investment regime into a single document to make it simple and easy for investors to understand. Investors would otherwise have to go through various press notes issued by the department, and the RBI regulations to understand the policy. The whole exercise is aimed at providing an investor-friendly climate to foreign players and, in turn, attract more FDI to boost economic growth and create jobs. The government has liberalised FDI policy in .

Working with states to make licences for biz easier, says Piyush Goyal

Goyal said the world has now realised that it needs trusted partners and a fair and transparent trading system, equal and equitable market access

Comm Min recommends import duty hike on Korean synthetic rubber for 2 yrs

Commerce ministry has recommended an increase in import duty on a Korean synthetic rubber for two years in order to guard domestic industry from significant jump in inbound shipments of the product