Trade Update 20

Foreign Trade Update

A. Extension of Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit
Vide Trade Notice 11/2015-2020 dated May 14, 2020, the Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit has been extended for one more year i.e. upto March 31, 2021, with same scope and coverage. A corresponding notification no. RBI/2019-20/231 dated May 13, 2020 has also been issued by the Reserve Bank of India extending the applicability of the operational instructions issued by it.

The Trade Notice is available at:
http://dgft.gov.in/sites/default/files/Trade%20Notice%2011.pdf

The RBI Notification is available at:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11887&Mode=0

B. Scanned copy of Pre-shipment Inspection Certificate allowed to be submitted in light of COVID-19 scenario.

Due to the spread of the coronavirus and the resultant effect on business, the DGFT, vide Trade Notice 9/2015-2020 dated May 6, 2020, decided that a scanned copy of the Pre-Shipment
Inspection Certificate (PSIC) document may be accepted in place of a physical copy for the purpose of Customs clearance.
The importer has to provide an undertaking to the concerned Custom Authority at the time of the clearance in the format provided in the Annexure to the Trade Notice. The original physical copy needs to be submitted to Customs within 60 days of the clearance. This facility is allowed only till June 30, 2020.

The Trade Notice is available at:
http://dgft.gov.in/sites/default/files/Trade_Notice_9.pdf