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Foreign Trade policy to be extended

  • IASbaba
  • April 1, 2020
  • 0
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Foreign Trade policy to be extended

Part of: GS Prelims and GS-III – Economy

In News:

  • The Directorate General of Foreign Trade (DGFT) extended the existing foreign trade policy (2015-20) for one year till March 2021 amid coronavirus outbreak. 

Key takeaways:

  • Changes related to extending the date of exemptions and extending validity of DFIA and EPCG authorisations for import purposes are also being made. 

Important value additions:

Export Promotion Capital Goods (EPCG):

  • It is an export promotion scheme under which an exporter can import a certain amount of capital goods at zero duty for upgrading technology related with exports.

Duty Free Import Authorisation (DFIA):

  • It is issued to allow duty free import of inputs, fuel, oil, energy sources, and catalysts which are required for production of export products. 

The Directorate General of Foreign Trade (DGFT) 

  • It is the agency of the Ministry of Commerce and Industry of the Government of India responsible for administering laws regarding foreign trade and foreign investment in India.

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