Revised FTP: e-bank guarantees being considered: Commerce Secretary
By TIOL News Service
KOLKATA, JUNE 22, 2017: WHILE speaking at an interactive session organised by FIEO to collect FTP-related inputs, the Commerce Secretary, Ms Rita Teaotia yesterday said that GST is a well needed reform and the transition will require some time and calibrated process of FTP will be continuous. Responding to exporters queries she stated that direct delivery of MEIS scrips will be possible once the interface between ICEGATE and DGFT is seamless and that e-Bank guarantees are also in the pipeline. With regard to shipping lines overcharging, she stated that the DG shipping has been informed and they are waiting for a response from them. Other points covered were Bangladesh exports, SEZ electricity duty refunds and issues related to non EDI land ports.
The FIEO President, Mr Ganesh Kumar Gupta, in his welcome address stated that while India did show a positive trend on exports since the last 9 months there is a bit of anxiety in the business with regard to GST. While India’s share in global exports has increased from 1.6% to1.64% in 2016, presently it is 1.84% on a target of 2.4% in global trade as per WTO. A growth of .2% share in one year is very encouraging. Pointing out that the cost of capital to export sector is still much above the international benchmark and has urged the same be decreased.
The meeting received an overwhelming response from the EXIM fraternity and other stakeholders.
Senior officials from Kolkata Customs, Kolkata Port Trust, WBIDC and Industry department of Govt of West Bengal and Airport Authority of India and all concerned facilitating agencies and EPCs took active part in the discussions.
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