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DGFT Mumbai Trade Notice

Dated 18th April 2018 | Copy of | JT. DGFT Mumbai Trade Notice No.1| JT. DGFT MUMBAI TRADE NOTICE ToAll concerned. Amendment of IEC Attention of the Trade is invited towards following provisions relating to Modification of IEC under paragraph 2.14 (b) of the Handbook of Procedures, effective from 1.4.2015:“An application for modification may be made for change in details like name, address, constitution, ownership in Proprietorship firms, change in the nature of the firm e.g. from proprietorship to partnership etc. Change in constitution however, does not include change in Directors of Public Limited Company.”2. In the Handbook of Procedures notified made effective from 5.12.2017, the above provisions under paragraph 2.14 (b) relating to modification of IEC now reads as under:“An application for modification ...

Launch of e-MPS- facility to make online payment for miscellaneous applications

Dated 14th March, 2018 | Copy of | TRADE NOTICE NO.25/2018 | DGFT TRADE NOTICE To,1. All Regional Authorities of Directorate General of Foreign Trade2. Members of Trade Launch of e-MPS- facility to make onlinepayment for miscellaneous applications. DGFT has always endeavoured to promote case of doing business by providing online mode for submission of applications for various FTP schemes and digital payment for these applications. Still, there are applications like amendment of license, payment of composition fee etc. where facility of online payment is not available. To bridge this gap, a facility is being made available to make online payment of fee/charges for all the applications where payment is currently being made through manual mode i.e. through Demand Draft/Bank Receipt.Using this facility, the online ...

Customs prohibits Red Sanders from being imported

The Dollar Business Bureau Red Sanders wood, an endangered species of flora protected under the Convention of International Trade in Endangered Species(CITES) of Flora and Fauna, has been prohibited from being imported by the Directorate General of Foreign Trade. Earlier this wood was free to be brought into the country, but the government has through a notification specified that it has shifted imports of this wood from free to the prohibited category. Red Sanders in India is found mainly in the Seshachalam hill ranges spread across the Rayalseema and Nellore regions of Andhra Pradesh. Possession or selling of this prized wood is considered to be illegal. This wood has a huge demand in the markets of Japan and China as it is valued for its ...

LIBOR to be phased out by 2021!

By Abin Daya The LIBOR is dead! Well, not quite. But in the next 4 years, it could be. The The Financial Conduct Authority (FCA) announced this week that it intended to phase out the LIBOR by 2021. Post that, banks would no longer be compelled to provide interest quotes to the Inter-Continental Exchange, and in the absence of these, the benchmark would die a natural death. What comes after that? We don’t know yet. But the first item this week is something closer home – India’s foreign trade numbers for the month of June. Apart from what is included in the update, I also tried to explore if there was some sort of correlation between industrial production growth and export performance. ...

Number of issued O visas tripled in the past decade: US Senator

The Dollar Business Bureau A top US Senator on Tuesday alleged that the potential applicants for H-1B visa are being guided to apply for O visa programme instead of the H-1B, which is numerically restricted and meant for highly-skilled workers to avoid legal limitations on employment visas. H-1B visa is issued to international guest workers having high skilled capabilities, while O visas are intended for those having extraordinary capabilities or who have demonstrated extraordinary achievement record. Unlike most of the visa categories, O visa programme has no restriction on its numbers. Mentioning some media reports, Senate Judiciary Committee Chairman Senator Chuck Grassley, said that the number of visas issued under the O visa programme in the last decade has increased ...

Marginal growth in core sector industries; Cotton sowing pushes up Kharif sowing acreage; Forex reserves hit life-time highs

By Abin Daya Change is an unavoidable part of life - and of doing business. One of the biggest changes to the way we do business happened last Friday, with the rolling out of the GST. Yes, there will be disruptions in the short term and the cost of compliance will go up. Also, many small businesses will lose the tax arbitrage that enabled them to price below that of the larger companies. It will also increase the financing cost of business, particularly for those engaged in foreign trade. Speaking of financing, even that is not going to be easy. While credit growth is down because of low credit demand driven by the leveraged position of corporates combined with muted demand, even where businesses ...

Chinas exports, imports rise in April

The Dollar Business Bureau The exports and imports of China increased in the month of April, as foreign and domestic demand weakened and there was a decline in commodity prices. In April, China's exports surged 8% compared to the previous year, missing analysts' predictions, whereas imports expanded 11.9%, an official data revealed on Monday. This has left $38.05 billion of trade surplus for the country in the given month, China’s General Administration of Customs revealed. In March, the country’s exports grew 16.4% and imports rose 20.3%. China's trade surplus in the month of March stood at $23.93 billion. Last week, the Chinese Ministry of Commerce, in its quarterly report, said that the country’s exports and imports are likely to be stabilised and improved in near future. Foreign ...

Japan posts robust export-import growth in March 2017

The Dollar Business Bureau Overriding its tapering domestic economy, Japan's foreign trade in the month of March boosted the overall performance of the world's third largest economy. The Japanese administration announced that exports grew more than the expected 12% while imports jumped 16% year on year during March 2017. A revival of stability in Chinese economy supplemented by a gradually normalising global demand has given Japan much reason to cheer. A trade surplus of $5.6 billion was registered in the month of March as exports grossed $66 billion approximately while imports rose to about $60 billion. Japanese exports to China reached $11 billion, showing a whopping 16.4% growth from the same month in the previous year, although the double digit growth is mostly because of a one-month shift in the Lunar New ...

Quiz Import and Export