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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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