What is the IEC? Import-Export Code (IEC) is the 10 digit business identification number [PAN Number] that is important to do the Import-Export from the country; the import-export cannot be performed by any person without having the IEC number. It is issued by the DGFT (Directorate General of Foreign Trade) which is the Department of...
Union Finance Minister Nirmala Sitharaman presented the budget 2021-22 in parliament on 1st Feb, the Ministry had taken suitable action to prevent the total collapse and in the process helped the economy to revive to some extent and monitored the pandemic situation. Under these critical circumstances, budget preparation was a great test in itself and...
What is the meaning of Policy Relaxation? The Policy Relaxation is the exemption from the policy/procedures under the foreign trade policy for Importers and Exporters in India. The Directorate General of foreign trade (DGFT) may in public interest pass such orders or grant such exemption/relaxation or relief on the ground of genuine hardship from any...
Introduction to RoSL Scheme The Government of India had introduced the RoSL Scheme (Rebate of State Levies on Export of Garments) w.e.f. 20th September 2016 to provide the rebate of state levies on made-ups & apparels (for Chapters 61 & 62 ) which were exported from India. The RoSL Scheme intended to refund state...
Recently the Union Cabinet of India approved a new scheme, RoDTEP (Remission of Duties and Taxes on the Export Products) on 13th March 2020 replacing the existing MEIS (Merchandise Exports From India) Scheme. MEIS Scheme will be valid till 31st December 2020 and the RoDTEP will come into effect from 1st January 2021. [As...
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