Export Import (EXIM) Policy of India: RAS/RTS Mains updated syllabus

Export Import Policy or  Exim Policy or Foreign Trade Policy is a set of guidelines and instructions related to the import and export of goods.

Various Objectives of Exim Policy are :-

  • To facilitate sustained growth in exports from India and import in India.
  • To stimulate sustained economic growth by providing access to essential raw materials, intermediates, components, consumables and capital goods scheme required for augmenting production and providing services.
  • To enhance the technological strength and efficiency of Industry Agriculture industry and services, thereby improving their competitive strength while generating new employment opportunities, and to encourage the attainment of internationally accepted standards of quality.
  • To provide clients with high-quality goods and services at globally competitive rates. Canalization is an important feature of Exim Policy under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies.

The new five year Foreign Trade Policy, 2015-2020 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of our Hon’blc Prime Minister. The focus of the government is to support both the manufacturing and services sectors, with a special emphasis on improving the ‘ease of doing business’.

Merchandise Exports from India Scheme (MEIS):-To offset infrastructural inefficiencies and the associated costs of exporting products produced in India giving special emphasis on those which are of India’s export interest and have the capability to generate employment and enhance India’s competitiveness in the world market.With the aim in making India’s products more competitive in the global markets, the scheme provides incentive in the form of duty credit scrip to the exporter to compensate for his loss on payment of duties.

Service Exports from India Scheme (SEIS) :-Service Provider of eligible services shall be entitled to Duty Credit Scrips at notified rates.

Export Promotion Capital Goods (EPCG) scheme allows import of capital goods including spares for pre production, production and post production at zero duty.

Other Specific steps taken for the developement of international trade are:-

 

  • Trade Facilitation & Ease Of Doing Business
  • DGFT as a facilitator of exports/imports
  • Niryat Bandhu – Hand Holding Scheme for new export / import entrepreneurs
  • Online Complaint Registration and Citizen’s Charter
  • Monitoring System
  • Issue of e-IEC (Electronic-Importer Exporter Code)
  • e-BRC
  • MoU with State Governments for sharing of e-BRC data
  • Exporter Importer Profile
  • Reduction in mandatory documents required for Export and Import
  • Online Inter-ministerial consultation
  • Facility of online filing of applications
  • Facility to upload documents by Chartered Accountant / Company Secretary / Cost Accountant
  • Electronic Data Interchange (EDI)
  • Message Exchange with Community partners
    (a) Message Exchange with Customs
    (b) Message Exchange with eBiz
    (c) Message Exchange with Banks
    (d) Message Exchange with EPCs
  • Encouraging development of Third Party API
  • Forthcoming e-Governance Initiatives
  • Free passage of Export consignment
  •  No seizure of export related Stock
  • 24 X 7 Customs clearance
  • Single Window in Customs
  • Self-Assessment of Customs Duty
  • Authorised Economic Operator (AEO) Programme
  • Prior filing facility for Shipping Bills
  • Cutting down delay in filing of Export General Manifest (EGM) for duty drawback
  • Facility of Common Bond / LUT against authorizations issued under different EP Schemes
  • Exemption from Service Tax on Services received abroad
  • Export of perishable agricultural Products
  • Time Release Study (TRS)
  • Towns of Export Excellence (TEE)