Govt relaxes export norms for imported goods with 15% value addition
Updated: Jun 08, 2013 12:57:29pm
New Delhi, Jun 8 (KNN) In a bid to encourage shipments, the government has allowed export of imported goods with 15 per cent value addition to countries from where the proceeds are realised in Indian rupee.
The Directorate General of Foreign Trade (DGFT) said that it will notify the names of those countries as to which exports under the new dispensation could be made.
Further, it also added that an enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees.
"They also have to achieve 15 per cent value addition," it added.
India's exports in 2012-13 fiscal fell for the first time in three years reporting a dip of 1.8 per cent to USD 300.6 billion in 2012-13, taking the country's trade deficit to a record high level of USD 191 billion.
India's exports for the full year were USD 300 billion, well below a USD 350 billion target but higher than expected. (KNN)
The Directorate General of Foreign Trade (DGFT) said that it will notify the names of those countries as to which exports under the new dispensation could be made.
Further, it also added that an enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees.
"They also have to achieve 15 per cent value addition," it added.
India's exports in 2012-13 fiscal fell for the first time in three years reporting a dip of 1.8 per cent to USD 300.6 billion in 2012-13, taking the country's trade deficit to a record high level of USD 191 billion.
India's exports for the full year were USD 300 billion, well below a USD 350 billion target but higher than expected. (KNN)
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