What is the latest Exim policy?

What is the latest Exim policy?

The 2015 FTP incentivised exports by issuing duty-credit scrips directly in proportion to exports. However, in 2020 the government limited the maximum export incentives for goods to Rs. 20 million, and in 2021, limited them to Rs. 20 million for services.

What was the last EXIM policy implemented in India?

Hence, the Government of India introduced a new Exim Policy for the year 1997-2002. This policy has further simplified the procedures and educed the interface between exporters and the Director General of Foreign Trade (DGFT) by reducing the number of documents required for export by half.

When was New Exim policy 2020 2015 announced?

The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 01st April 2015 for the period 2015-2020, earlier this policy known as Export Import (Exim) Policy.

What are the important features of latest 2015-20 EXIM policy?

FTP 2015-20 introduces two new schemes, namely ‘Merchandise Exports from India Scheme (MEIS)’ for export of specified goods to specified markets and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of notified services.

What are the recent foreign export policy 2009 14 describe?

The Foreign trade Policy which was announced on Thursday August 28, 2009 is an integrated policy for the period 2009-14. Objectives of Foreign Trade Policy 2009-14 : To arrest and reverse declining trend of exports is the main aim of the policy. This aim will be reviewed after two years.

When was the new FTP declared?

The new FTP is expected to come into effect from April 1, unless the validity of the existing one — already extended by two years in the wake of the pandemic — is granted further extension.

What is bop record?

The balance of payments (BOP) is the record of all international financial transactions made by the residents of a country. There are three main categories of the BOP: the current account, the capital account, and the financial account.

What is Exim policy India?

Export Import Policy or better known as Exim Policy is a set of guidelines and instructions related to the import and export of goods. The Government of India notifies the Exim Policy for a period of five years (1997 2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992.

What is FTP policy?

Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years. The new FTP (2015-20) came into force w.e.f 01/04/2015.

Who was announced the new Exim policy of India?

New Exim Policy Exim Policy, also known as the Foreign Trade Policy is announced every 5 years by Ministry of Commerce and Industry, Government of India.

What is the current BoP of India?

India’s current account balance recorded a deficit of US$ 9.6 billion (1.3 per cent of GDP) in Q2:2021-22 as against a surplus of US$ 6.6 billion (0.9 per cent of GDP) in Q1:2021-22 and US$ 15.3 billion (2.4 per cent of GDP) a year ago [i.e., Q2:2020-21].

Who introduced EXIM policy?

The Government of India notifies the Exim Policy for a period of five years (1997 2002) under Section 5 of the Foreign Trade (Development and Regulation Act), 1992. The current policy covers the period 2002 2007.

Who was announced the new EXIM policy of India?

When was new FTP declared?

The Government had decided to stick with FTP 2015-20 till the 30the of September 2021 with a total extension of 18 months which was supposed to end on 31st March 2020. The new policy may come into effect from 1st October 2021.

What is BoT and BOP?

Definition. Balance of trade or BoT is a financial statement that captures the nation’s import and export of commodities with the rest of the world. Balance of payment or BoP is a financial statement that keeps track of all the economic transactions by the nation with the rest of the world.