Puri holds Shipbuilding Meetings to boost India's Maritime Vision (See 'Corp Brief') AAI showcases future of Aviation at 44th India International Trade Fair 2025 (See 'Corp Brief') India-Canada Ministerial Dialogue on Trade and Investment concludes (See 'Corp Brief') DFS Secy calls for greater collaboration between hospitals and insurers (See 'Corp Brief') Reddy Chairs Marathon Review Meeting of Coal Sector (See 'Corp Brief') Company Law - Company can prosecute any of its officers and when any officer of Company is to be prosecuted, then Section 439 of Companies Act would not be applicable: HC (See 'Legal Desk') 'Cohort Connect 2025' to be India's Largest evidence-based study on Genetic (See 'Corp Brief') Global Energy Leaders' Summit Logo and Website Launched (See 'Corp Brief') India and Canada Hold 7th Ministerial Dialogue on Trade and Investment (See 'Corp Brief') Under MCX Alliance C-DOT extends supports to Start ups (See 'Corp Brief') IPR - Mere identity or similarity of mark, of which registration is sought, and earlier mark, is not sufficient as ground to reject registration application: HC (See 'Legal Desk') Govt to launch workshops to implement Vegetable Oil Products Production (See 'Corp Brief') Goyal calls for transformation from 'Van Dhan to Vyapar Dhan' (See 'Corp Brief') Banks record steady growth, improved asset quality and stronger digital performance (See 'Corp Brief') QCI and BHEL jointly organize Inter PSU Gunvatta Manthan to promote quality (See 'Corp Brief') Misc - Remedy for recovery of money instituted under Article 226 of Constitution of India is not intended to enable claimant to recover monies, recovery of which by suit is barred by limitation: HC (See 'Legal Desk') Chouhan presents 'Plant Genome Saviour Awards' to farmers in New Delhi (See 'Corp Brief') Students from Goa & Uttarakhand explore Arunachal under Ashtalakshmi Darshan (See 'Corp Brief') Commercial Courts Act 2015 - injunction on use of trade mark BISCO is valid as it is nearly identical to existing trade dress named BISCOFF: HC (See 'Legal Desk') IICA and WNS Global Services launch YBRANT programme on CSR (See 'Corp Brief') India reaffirms commitment to Equity, Climate Justice and Multilateralism at CoP30 (See 'Corp Brief') PMLA - When monies lying in account of accused which has been attached by ED is not proceeds of crime but are untainted monies bank, same needs to be released to bank: SAFEMA (See 'Legal Desk') CCI allows Lence Pte to pick up equity in AWL Agri Business (See 'Corp Brief') Yadav asks authorities from NCR States to submit Action Taken Reports on Air Pollution (See 'Corp Brief') IPR - 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Export Promotion schemes abuse - Penalty imposed in 1374 cases

Published: Jul 10, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JULY 10, 2019: THE Union Minister for Commerce & Industry, Mr Piyush Goyal, today in Parliament mentioned that the Foreign Trade Policy of the Government contains certain export promotion schemes which are primarily aimed at (i) providing customs duty exemption on import of capital goods for promotion of exports, (ii) providing customs duty exemption on raw materials, components and consumables for manufacturing goods for exports and (iii) providing compensation for neutralizing the disadvantages suffered on the goods and services exported.

All these schemes have inbuilt obligations/terms and conditions which are required to be complied by the persons availing such schemes. The Government regularly  monitors such obligations. In case of non-compliance, action is taken against the defaulters. Such actions may include suspension, cancellation of the authorization, black listing the defaulter from availing any export promotion scheme, imposition of fiscal penalty, cancellation/suspension of Importer and Exporter Code number and initiating criminal proceedings. Such penal provisions are contained in the Foreign Trade Policy/ Hand Book of Procedures, Foreign Trade (Development and Regulation) Act, 1992 and Foreign Trade (Regulation) Rules 1993.

During the last three years from April 01, 2016 to March 31, 2019, 1865 persons have been put under “Denied Entity List” denying further benefits under the export promotion schemes and penalties have been imposed in 1374 cases. In addition to the above, action on defaulters is also taken by the Department of Revenue. During the last three years, Department of Revenue has identified and imposed penalties in over 400 cases.

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