Govt extends existing foreign trade policy (2015-20) for one year till March 2021

The Government yesterday extended the existing foreign trade policy (2015-20) for one year till March 2021 amid coronavirus outbreak and the lockdown to contain the virus spread.

The Directorate General of Foreign Trade, DGFT in a notification said, the existing foreign trade policy 2015-20 which is valid up to March 31 this year is extended up to March 31, 2021. Various other changes are also made extending the date of exemptions by one year and extending validity of DFIA and EPCG authorisations for import purposes.

Exports during April-February this fiscal dipped by 1.5 per cent to 292.91 billion



dollars.

Imports during the period declined by 7.30 per cent to 436 billion dollars, leaving a trade deficit of 143.12 billion dollars.

Export Promotion Capital Goods (EPCG) is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports.

On the other hand, advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product. Under the Duty Free Import Authorisation (DFIA) scheme, exportersare allowed to import certain goods like sugar at zero duty.