In recent years, the Indian government has made significant strides in improving business ease. One notable reform in the trade ecosystem is the reduction in the number of mandatory documents required for exports and imports to just three. This initiative, backed by a Customs notification—Circular No. 42/2016-Customs, dated 31 August 2016—was a welcome move aimed at simplifying trade processes and enhancing ...
In the globalized economy, managing export and import processes efficiently is crucial for businesses engaged in international trade. However, many organizations still rely on manual methods, leading to numerous challenges that can hinder their operations. This blog delves into the common issues faced in managing export and import processes manually and introduces OptiExim as a comprehensive solution that revolutionizes foreign …
In the world of international trade, managing an export and import business can be a complex and intricate endeavor. Navigating ever-changing regulations, optimizing supply chain operations, and ensuring compliance with various trade laws can be overwhelming. Enter OptiExim, a SAP-certified add-on solution designed to streamline the entire process, from compliance to operations. In this comprehensive guide, we’ll explore how OptiExim …
Status Holder certificate – Eligibility& Benefits Status Holders are business leaders who have excelled in international trade and have successfully contributed to country’s foreign trade. Status Holders are expected to not only contribute towards India’s exports but also provide guidance and handholding to new entrepreneurs. Eligibility All exporters of goods, services and technology having an import-export code (IEC) number shall ...
India's Remarkable Economic Growth:India has recently emerged as one of the world's fastest-growing economies, overtaking the United Kingdom in GDP. According to the 2023 World GDP ranking, India has secured its position as the 5th largest economy globally, boasting an estimated GDP exceeding 3.4 trillion dollars and a population of over 1 billion. With a rapidly growing middle class and ...
Geographical Indication – OverviewGeographical Indication (GI) is a label applied to goods with a particular origin and that have traits or a reputation derived from that origin. It became operative as of September 2003. The first Indian product to receive a GI label was Darjeeling Tea. India's Geographical Indication Register, part of the Ministry of Commerce and Industry's Department of ...
PreambleThe world has changed a lot and yet has to change a lot. Sensing the significance of trade across nations as an engine of economic growth both at national and global levels, nations and global bodies committed to global growth are coming under a common banner of trade laws, practices and facilitation as well. Global trade is full of complexities ...
The Union Cabinet meeting held by Honourable PM of India Mr Narendra Modi has approved to continue to provide Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates to the Textile exporter as mentioned by the Textile Ministry for exports of apparel/garments. This will continue till March 31, 2024, this will help the Textile sector to ...
Outline: MSME Importers who do not have any manufacturing facility can now avail IGCR2017 to Import goods at a concessional customs duty and get the final goods manufactured entirely on Job work basis. (Gold/ Jewellery / Precious metals have been excluded ) In view of demands from trade and Industry and having regard to their changing needs as per prevalent ...
Prelude:As the current Exports Incentive schemes Published in India’s Foreign Trade policy are being challenged in WTO by various countries for providing Exports Incentives which is against the Article 3.1of the WTO subsidies and countervailing agreement and moreover, the Incentive rates are getting reduced every year and procedure complexities are more in claiming the same at the right time which ...
