India News: NEW DELHI: The government has revised the Foreign Trade Policy, 2015-2020 and permitted the import of oxygen concentrators for personal use amid a mas.
COVID-19: Govt allows import of oxygen concentrators for personal use ANI | Updated: May 01, 2021 14:53 IST
New Delhi [India], May 1 (ANI): The government has revised the Foreign Trade Policy, 2015-2020 and permitted the import of oxygen concentrators for personal use amid a massive surge in COVID-19 cases in the country.
An official press release from the ministry of commerce and industry stated that oxygen concentrators have been added to the list of exempted categories, where customs clearance is sought as gifts .
These oxygen concentrators can be procured through post, courier or e-commerce portals.
The exemption for oxygen concentrators is allowed till July 31, 2021, for personal use, according to a notification of the Directorate General of Foreign Trade (DGFT) issued on Friday.
Exports seek benefits under SEIS as pandemic crushes revival of key services
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The Services Export Promotion Council (SEPC) has also said that the recent surge in Covid-19 cases has depressed all the hopes of any revival of key sectors like travel and tourism, medical value tourism, education and aviation.
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Services exporters have urged the government to issue the release of benefits under the Service Export from India Scheme for 2019-20 amid a 73% decline in exports of travel and tourism from April, 2020-February, 2021 due to the pandemic. SEIS was launched in 2015 to boost services exports. It offers incentives of 5-7% of net foreign exchange earned.
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RBI Master Direction on export of goods and services states that ECGC claims are not treated as realisation and so, BRC cannot be issued. While writing off bills on the basis of ECGC claim and closing my shipping bill in EDPMS, the bank wants me to surrender export incentives, whereas HBP states that ECGC claims can be considered for claiming export incentives. Under which conditions can ECGC claims be considered for availing export incentives, so that I can get my shipping bill closed in the EDPMS without surrendering incentives?
Para C.24 of the RBI Master Direction no.16/2015-16 dated January 1, 2016 (as amended), deals with write-off in cases of payment of claims by ECGC and private insurance companies regulated by Insurance Regulatory and Development Authority of India. It clearly says that surrender of incentives, if any, in such cases will be as provided in the Foreign Trade Policy (FTP). So, your bankers must proceed in accordance with Para 2.85 of HBP and not demand surrend