Mumbai, July 13 (KNN) The Directorate General of Foreign Trade (DGFT) Dr. Anup Wadhawan has interacted with the exporters on the issues of trading across borders and Foreign Trade Policy (FTP) in an interactive session organized jointly by the Department of Industrial Policy & Promotion, CII and FIEO in Mumbai.

While interacting with the exporters on the major initiatives taken by DGFT/ Department of Commerce to promote trade and improve Ease of Doing Business, DGFT briefly summarized the major initiatives relating to policy simplification, reducing cost of capital through interest subvention, document reduction, IT initiatives like online filing of applications, creation of trade portal and training and outreach activities.

The DGFT said that the new FTP consolidated 5 different schemes for rewarding merchandise exports under the earlier policy into a single scheme, namely Merchandise Exports from India Scheme (MEIS).

He also explained that as MEIS incentives were country group specific, exporters were required to submit landing certificate as a proof of landing of consignment in the destination country. Exporters requested doing away with the Landing Certificates as obtaining landing certificate was an avoidable cost.CIM approved extending MEIS benefits for the already notified products to all countries, which was implemented wef May 4, 2016. This afforded dual benefit for most exporters as not only the landing certificate was dispensed with, the MEIS benefits were also extended to cover all countries.

“Indian exporters pay high rate of interest on the capital borrowed. Interest Equalization Scheme notified by RBI on 4.12.2015, reduces cost of capital by allowing 3% interest equalization on Pre and Post Shipment Rupee Export Credit to eligible exporters. All products manufactured and exported by SME eligible. For the rest, scheme available on 416 HS 4 digit lines. Upto March 2016, benefit to the tune of Rs. 1432.90 Crore has been passed on to eligible borrowers”, said DGFT.

HE briefed that exporters that number of mandatory documents required for exports and imports reduced to 3 each for export and import. Earlier 7 documents were required for exports and 10 for imports. DGFT in January 2016 has also specified that any violations in this regard should be brought to the notice.

Joint Secretary, DIPP, Shri Shailendra Singh, Joint Secretary, Customs, Shri Satya Srinivas and many other senior officers participated in the discussions. (With PIB Inputs)