The Salient Features of Export-Import Policy 2002-2007

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The salient features of Export-Import Policy 2002-2007 are as follows:

a. Removal of quantitative packaging restrictions on agriculture export.

b. Transport assistance for movement of agri-goods.

c. Export thrust on items identified in Medium Term Export Strategy.

d. Continuous of existing duty neutralization schemes till the Value Added Tax (VAT) becomes fully operational.

e. Extension of the period for fulfilling export obligation under Export Promotion Capital Goods (EPCG) schemes from 8-12 years.

f. Exemption of banking units set up in Special Economic Zones (SEZs) from statutory requirements like SCR and CRR.

g. Easing of external commercial borrowing norms by permitting less than 3 years tenure loans.

h. Provisions for repatriation of export earnings within 360 days instead of the earlier 180 days.

i. Retention of entire export earnings in Export Earners Foreigners Currency Account (EEFCA).

j. Tax benefits on sales from domestic tariffs to SEZ.

k. Reduction of processing fees, fewer in physical inspections, same day licensing in all offices of DGFT (Director General of Foreign Trade).

l. Common classification for DGFI and custom department to eliminate classification related disputes.

m. No license requirement for relocation of overseas industrial plants in India.

n. Industrial town such as Zirakpur, Panipat and Ludhiana to get Market Access Initiative (MAI) funds, priority for infrastructure development.

o. Allocation to states from Rs 350 crore Assistance to States for Infrastructure Development (ASIDE) funds linked to their export performance.

p. Permission for captive power generation and duty free import of fuel for power generation, for exporters.

q. Reduction in the eligibility for getting export house status from Rs 15 crore to Rs 5 crore.


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