7 months ago
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The Ministry of Commerce and Industry has initiated a fig of easiness of doing concern compliance measures implicit the past period to assistance home businesses, portion besides protecting them from dumping from overseas by launching anti-dumping investigations connected astatine slightest 15 merchandise lines.
However, the Export Promotion Mission, announced successful Budget 2025, is yet to beryllium finalised arsenic respective approvals are inactive pending. Officials successful the Ministry are assured that important headway volition beryllium made connected this implicit the adjacent month.
“The Department of Commerce has clarified that transactions for services provided betwixt units successful antithetic Special Economic Zones, and transactions betwixt units successful an SEZ to the remainder of the state are exempt from Foreign Exchange Management Act regulations,” an authoritative successful the Ministry of Commerce and Industry said, connected the information of anonymity arsenic they are not authorised to talk to the media.
The authoritative added that SEZ entities person present been allowed to record their yearly show reports by December 31, successful enactment with the timelines prescribed for the filing of different audited reports and returns nether the Income Tax and GST laws.
Other concessions person to bash with the declaration of incoming payments by exporters.
“After sustained representations by the Department of Commerce, the Reserve Bank of India has allowed exporters and importers to self-declare outgo for transactions up to ₹10 lakh,” the authoritative said. “Banks tin adjacent their Export Data Processing and Monitoring System and Import Data Processing and Monitoring System entries without manual scrutiny oregon penalties.”
In enactment with this, consolidated quarterly declarations person been permitted, with the purpose to trim delays, reconciliation efforts, transaction costs, and clip for MSMEs.
In addition, the Directorate General of Trade Remedies has completed investigations connected the dumping of 15 antithetic merchandise lines, including solid fibres, cold-rolled steel, definite antioxidants, star cells, and soda ash.
These investigations pertained to imports of these items from China, Bahrain, Thailand, Russia, Singapore, Kuwait, Saudi Arabia, Japan, Chile, the U.S., Turkey, Iran, Vietnam, South Korea, and the European Union.
Stopping this dumping protects India’s home manufacture from artificially inexpensive imports.
