Import/Export Industry Notifications

Tension prevailed at Yellapuvanipalem when the fire broke out at gateway container yard near Sheela Nagar. The fire broke out in two containers of sodium fluoride solution at CFS container yard. Around noon, the fire services department got a call and two fire tenders were rushed from Peda Gantyada. A major accident was averted as the fire was brought under control. Property worth Rs 8 lakh was damaged due to fire as per the yard officials.

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The Maharashtra government is chalking out a plan to help the MSME sector which has been hit by the economic downturn due to the coronavirus outbreak. Companies are facing the burden of paying salaries during the lockdown. They have demanded that fixed electricity charges be waived. The scheme being drafted will be as per their needs. The state government was working to ensure firms operating outside the jurisdiction of MIDC get subsidy benefits on various purchases which are currently unavailable.

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To check imports of sub-standard and non-essential goods, including from China, the Bureau of Indian Standards (BIS) said it is framing mandatory quality standards for 371 items identified by the commerce ministry. The process will be completed by March 2021. The list of 371 tariff lines includes segments, ranging from steel, chemicals, pharmaceuticals and electrical machinery to furniture and toys. The commerce ministry is trying to frame standards and make them mandatory and improve enforcement of the same. The concerned ministries are identifying the important products from the list and approaching BIS for making the standards mandatory.

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Directorate General of GST Intelligence (DGGI) has booked three firms for tax evasion of over Rs 600 crore. A case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Pvt. Ltd. and M/s. Ganpati Enterprises, who were found involved in the issuance of invoices without any actual supply of goods. The case was detected and developed by the officers on further data analytics out of a case booked against one of the exporter M/s Anannya Exim, covered in the all India joint operation, launched by DGGI-DRI in September 2019, against various exporters for fraudulently claiming IGST refund based on ineligible input tax credit (ITC).

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A licence or duty credit scrip obtained through misrepresentation is voidable but not void till it is cancelled. So long as the transferee had purchased the duty credit scrip duly issued by the competent authority and it was valid on the date of payment of duty by the transferee, the duty demand from the transferee importer, or confiscation or levy of penalty on the transferee importer, cannot be sustained. The realisation of export proceeds is not mandatory for drawback on re-exports.

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The DGFT, on July 23, blocked the MEIS module from accepting new applications for shipping bills with let export order (LEO) beginning April 1, 2020, to limit the issuance of any more scrips. The Merchandise Exports from India Scheme (MEIS) seeks to make India’s products more competitive in the global markets. The scheme provides incentives in the form of duty credit scrip to the exporter to compensate for his loss on payment of duties. The incentive is paid a percentage of the realised Free on Board (FOB) value (in free foreign exchange) for notified goods going to notified markets.

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ICT under the aegis of J M Baxi group is deploying its own rakes on the East Coast of India connecting Visakha Container Terminal to the hinterland. As a first step towards this, ICT has deployed its rakes for Jindal Stainless Limited (ICD Jajpur) from VCT partnering with Maersk Line. The rakes will be carrying import containers of steel scrap and other ancillary products from VCT to JSL’s facility at Jajpur – Odisha and exports of steel as finished products in return. This Rake movement will ease the process of EXIM flow and would lead to cost & time saving for the stakeholders involved in the process.

The auto sector as you know is going through a lot of turmoil right now and the future of mobility is changing really fast. So the future of mobility will be connected. It will be autonomous and over and above everything, the biggest shift is going to be more and more electrified. So, one is expecting more adoption of electric vehicles throughout the world; more in the OECD world.

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In a momentous decision, the GOI has issued a certificate of GI registration for the Saffron grown in the Kashmir Valley. GC Murmu, Lieutenant Governor of the Union Territory of J&K expressed happiness on the development. He said that this is the first major step to put Saffron produced in the Kashmir Valley on the world map with authentication. With the GI tag, Kashmir Saffron will acquire more prominence in the export market and would help the farmers get the best remunerative price.

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