Framework for listing of Commercial Paper (See 'Dashboard') Santosh Gangwar: State crucial to implement labour laws (See 'Corp Brief') More Swiss tech for Indian Railway (See 'Corp Brief') Goa joins hands with Khadi Commission to boost local employment (See 'Corp Brief') Tata Steel to cull jobs from Dutch unit; expects to save USD 930 mil from cost cutting Infosys may face US class action amidst allegations of investment irregularities Nandan Nilekani: CEO, CFO recused from audit investigations into Infosys affairs Trade Marks Act, 1999 - Trade Marks Rules, 2017 cannot do way with statutory obligation of Registrar to communicate refusal of Trademark application with grounds of rejection : HC (See 'Legal Desk') PCA, 1988 - High Court cannot deny bail to P Chidambaram merely on speculation that witnesses are being influenced without any material basis: SC Larger Bench (See 'Legal Desk') INX media case: SC grants bail to Chidambaram in CBI case GST rate on Waste to Energy Plant/Devices executed on EPC basis (See 'THE INSIGHT' in Competition Act, 2002 - Scheme of act, 2002 contains no provision that makes recommendations of DG binding upon the Competition Commission: HC (See 'Legal Desk) Arbitration & Conciliation Act, 1996 - If factual findings about termination of contract survives challenges u/s 34 & 37 before High Court, SLP is not maintainable: SC (See 'Legal Desk) Arbitration & Conciliation Act, 1996 - Manner of appointment of substitute arbitrator is same as that of first arbitrator appointed by the Court where existence of agreement is derived from conduct of parties: HC (See 'Legal Desk) DHFL says Bank securitisation deals in-compliant with RBI norms Indigo look east policy; focuses on China, Southeast Asia Whistleblowers accuses WIPRO top management of taking unethical steps to boost revenue BSNL unite with YuppTV; ventures into video on demand market Govt clarifies on domestic manufacturing of solar cells (See 'Corp Brief') Goyal on tour to Sweden - 70 Indian Cos operating there (See 'Corp Brief) Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 (See 'Dashboard') Foreign Exchange Management (Debt Instruments) Regulations, 2019 (See 'Dashboard') Anil Kumar Gautam takes over as Director (Finance) at NTPC DHFL resolution hits wall; bondholders to approach bankruptcy court (See 'Corpbrief') DRDO signs 30 Tech Transfer agreements (See 'Corpbrief') PMC Bank case: SC declines PIL by depositors to relax withdrawal restrictions Nikhil Gandhi takes charge of TikTok India Adani Group coal import case: HC helds Letters Rogatory non-conforming to applicable standards IL&FS case: HC grants Deloitte Haskins interim relief from coercive action in criminal proceedings

Export Promotion schemes abuse - Penalty imposed in 1374 cases

Published: Jul 10, 2019


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.