DGFT proposes review in export obligation period for certain sectors
The commerce ministry's arm DGFT on Tuesday proposed to amend the export obligation period for certain sectors such as spices, pharmaceuticals and tea, with a view to facilitate outbound shipments.
The government has sought comments of all the concerned stakeholders on the proposed amendments within 15 days.
The government allows duty free import of inputs used for manufacturing goods only for exports purposes under an advanced authorisation scheme, subject to export obligation period.
Under this period, exporters have to ship the goods within a stipulated time period, failing which attracts penalties.
To amend the export obligation period, the directorate general of foreign trade (DGFT) has proposed to amend an appendix of foreign trade policy's handbook of procedures 2023.
According to the DGFT, there have been a lot of representations from export promotion councils (EPC) and exporters regarding review of the appendix.
"This has been requested to facilitate exports and operate