Import/Export Industry Notifications

On Thursday, the Reserve Bank said a scheme providing interest subsidy for post and pre-shipment export credit has been extended by three months till September, a move that will provide relief to exporters.

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Extension in period of modification of IEC till 31.07.2021 and waiver of fees for IEC updation during July, 2021 - reg.

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The Tiruchi Airport has been observing quick freight exports to select overseas destinations, notwithstanding the pandemic. The export cargo was shipped through non-scheduled flights operated by the Air India Express under the Vande Bharat Mission and other flights under the Air Bubble agreement and a couple of other carriers in the last year.

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The Consulate General of the Islamic Republic of Afghanistan in Mumbai, in association with the United States Agency for International Development (USAID), U.S. Department of Commerce's Commercial Law Development Program (CLDP), World Trade Center Kabul, World Trade Center Mumbai, Afghanistan Chamber of Commerce and Investment, and Indian Chamber of International Business (ICIB) hosted the Afghan Fresh Fruits - Virtual B2B Matchmaking Event on June 28, 2021.

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Before GST Day on July 1, the industry body PHD Chamber of Commerce has raised the issue of blocking input tax credit and said the buyer should be allowed to claim credit for taxes paid on inputs, even when the supplier has defaulted in the tax payment. The Central Board of Indirect Taxes and Customs (CBIC) had on June 14 notified reduced GST rate on 18 COVID related supplies, like Remdesivir and Tocilizumab drugs and on medical oxygen and oxygen concentrators.

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The Digital Container Shipping Association (DCSA) has launched its Adopter Programme, enabling solution and service providers to validate the adoption of DCSA standards based on the DCSA Self-certification Checklist (SCC). In addition, the DCSA Adopter Programme will enable customers of container shipping and other industry stakeholders to streamline vendor selection when seeking standards-based, interoperable solutions, according to a statement.

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China declares it has taken necessary steps to mitigate the impact of tight container shipping capacity by boosting the availability of empty boxes and raising the production of new units.

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Amendment in import policy of items under HS Code 151190 of Chapter 15 of ITC (HS), 2017, Schedule - I (Import Policy).

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The government on Tuesday decreased basic customs duty on crude palm oil to 10 per cent, which will help bring down the edible oil prices in the retail market. The effective duty, which includes cess and other charges, on crude palm oil will be 30.25 per cent, while for refined palm oil, it would be 41.25 per cent from Wednesday.

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