Search Result for : Export Business

Reduction in insurance cost for exporters, ECGC

The Dollar Business Bureau In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...

Expo Indonesia to improve ties with India

Sairaj Iyer The news of an embassy organizing an expo is usually a good time for diplomatic issues to be ironed out between the host and the guest country. The Consul General of Indonesia, Saut Siringoringo was  excited that this expo would help facilitate better awareness and foster a sense of collaboration between South Asia’s two heavily populated countries. The India-Indonesia story could have been a strategic advantage but has failed to sizzle for various reasons.  Indonesia, the third most populous countries in recent times has observed slowdown, inflation, and foreign outflow largely triggered due to Chinese slowdown. The impact has led to the currency crashing from nearly 7500 rupiahs in 2012 to nearly 15,000 during early 2016 for every dollar. The ...

Escorts divests OEM, auto products business

The Dollar Business Bureau  Escorts Ltd, one of India's major engineering companies, announced on Thursday that it is divesting its OEM and auto products division’s export business to Pune-based Badve Engineering, in an all cash deal. However, the company did not reveal the size of the deal. The deal is a part of the farm equipment manufacturer’s strategy to reorient the business in order to focus on its key verticals in construction equipment, agri-machinery and railway equipment, Escorts said in a release. “We believe that the transfer of OEM and export business to Badve Engineering will help us focus on our core areas. We are delighted that Badve Engineering has stepped in to take the business forward,” said Dipankar Ghosh, CEO, Escorts Auto Products ...

Sending additional copy of the Demand Notice to the counter for hand delivery

Dated 9th December, 2014 | Copy of | Trade notice no.3/2014-15 | To facilitate trade, it is decided that in addition to dispatching the Demand Notice through post, an additional copy of the Demand Notice would also be sent to the counters so that the parties can also collect the Demand Notice from the counter through hand-delivery. Similarly, in addition to dispatching the Audit Memo through post, an additional copy of the Audit Memo would also be sent to the counter by the CAV Section to enable the parties to collect these memos from the counter and give them sufficient time to respond to the same.   Issued by: Office of the Additional Director General of Foreign Trade Mumbai

Indias new Foreign Trade Policy 2014-19: Why not have more IIFTs?

Bidhu Bhushan Palo | @TheDollarBiz   Change is in the air, they say. I too see that the spotlight is suddenly on the export sector, a definite focus on mercantilism. Is this a revisit to 1991 when India liberalized its economy as a last resort, but a step that helped India survive and then get noticed as a major economy? I definitely hope so. It would be wonderful to see India’s economy gallop and exports could play a major part in it, doing what the IT and BPO sectors have done for over a decade now. But are we doing enough? It is great to see Prime Minister Narendra Modi speak from the ramparts of the Red Fort, ...