Procedure for exports through Foreign Post Office Delhi / Mumbai / Chennai using e-commerce platform under MEIS Scheme of Chapter 3 of Foreign Trade Policy (2015-20)

  Circular No. 36/2016-Customs F.No. 476/01/2013/LC Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ************** North Block, New Delhi, Dated 29th July 2016. To, Principal Chief Commissioners Customs, Chief Commissioners of Customs, Principal Commissioners of Customs, Commissioners of Customs Delhi, Mumbai, Chennai Subject: Procedure for exports through FPO, Delhi / Mumbai / Chennai using ecommerce platform under MEIS Scheme of Chapter 3 of Foreign Trade Policy (2015-20) Madam/Sir, Para 3.05 of the Foreign Trade Policy (FTP) 2015-20 provides for export of goods through select foreign post offices as a part of e-Commerce exports. Exports of goods through foreign post office using e-commerce shall be permitted through the Foreign Post Offices at Delhi, Mumbai & Chennai. The exports shall be entitled for rewards under

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Exim Bank’s GoI supported Line of Credit of USD 86.31 million to Myanma Foreign Trade Bank (MFTB), Myanmar

  RBI/2016-17/13 A.P. (DIR Series) Circular No. 02 July 14, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Exim Bank’s GoI supported Line of Credit of USD 86.31 million to Myanma Foreign Trade Bank (MFTB), Myanmar Export-Import Bank of India (Exim Bank) has entered into an agreement dated December 11, 2013 with Myanma Foreign Trade Bank (MFTB), Myanmar for making available to the latter, a Government of India supported Line of Credit (LOC) of USD 155 million (USD one hundred fifty five million only) for financing the procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar. Subsequently, Exim Bank signed First Amendatory Agreement with MFTB on October 03, 2015, for reducing the value of the LOC from USD 155 million to USD 86.31

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HIGHLIGHTS OF THE FOREIGN TRADE POLICY 2015-2020

Government of India Department of Commerce Ministry of Commerce and Industry   HIGHLIGHTS    OF    THE    FOREIGN TRADE POLICY 2015-2020 1. SIMPLIFICATION & MERGER OF REWARD SCHEMES Export from India Schemes: 1.1. Merchandise  Exports  from  India  Scheme (MEIS) (a) Earlier there were 5 different schemes (Focus Product  Scheme,  Market  Linked  Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding  merchandise  exports  with different kinds of duty scrips with varying conditions   (sector   specific   or   actual   user only) attached to their use. Now all these schemes have been merged into a single scheme, namely Merchandise Export from India Scheme (MEIS) and there would be no conditionality attached to the scrips issued under the scheme. The main features of MEIS, including  details  of  various  groups  of products supported under MEIS and

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Definition of E-Commerce introduced in Foreign Trade Policy

  Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No 2/2015-20 New Delhi, Dated : 11 April, 2016 Subject : Introduction of definition of e-commerce in foreign Trade Policy (2015-2020) S.O.  1385 (E) – In exercise of powers conferred by Section 5 of FT (D&R) Act 1992 read with paragraph 1.02 of the Foreign Trade Policy 2015-2020 as amended from time to time the Central Government hereby introduces the definition of e-commerce in Chapter 9 of the Foreign Trade Policy (2015-2020) as under 9.17A : “e-commerce means buying and selling of goods and services including digital products, conducted over digital and electronic network. For the purposes of merchandise Exports from India Scheme (MEIS) e-commerce shall mean the export of goods hosted on

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SEBI proposes Foreign Portfolio Investors to trade directly in Corporate Bonds without a broker

  PR No. 139/2016 SEBI Board Meeting The SEBI Board met in Mumbai today and took the following important decisions: I. Amendment to SEBI Regulations to permit Foreign Portfolio Investors (FPIs) to trade directly in Corporate Bonds without a broker The SEBI (Foreign Portfolio Investor) Regulations, 2014 were notified on January 07, 2014. Regulation 21(4)(d) of the FPI Regulation states that “The transaction of business in securities by a foreign portfolio investor shall be only through stock brokers registered by the Board.”. Further, the broker is required to be a qualified member of a Recognized Stock Exchange (RSE) in accordance with Rule 8 of the Securities Contracts (Regulation) Rules, 1957. Category I and Category II FPIs will have an option to directly access corporate bond market without brokers as has been allowed to

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Don’t settle all Friday trades in HDFC Bank: RBI to custodians

  The Reserve Bank of India (RBI) has directed that certain trades in the HDFC Bank scrip on Friday be annulled, said three people with knowledge of the development. The cut-off time for the central bank’s directive is 1.40 pm. No trades after that involving foreign investors are to be settled. The time in question was when the market participants were intimated through a circular that the 74 per cent investment ceiling for foreign portfolio investors (FPI) had been crossed. Restrictions on FPI buying in HDFC Bank’s stock were lifted for Friday after the segment’s holding in the lender fell below the threshold of 74 per cent. The move led to a huge demand for shares of the country’s most valued bank from FPIs, sending the stock soaring 9.5 per cent. “The demand was

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Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market

  RBI/2016-17/221 A.P. (DIR Series) Circular No. 30 February 2, 2017 To All Category – I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA. 25/RB-2000 dated May 3, 2000) issued under clause (h) of sub-section (2) of Section 47 of FEMA, 1999 (Act 42 of 1999), as amended from time to time and Master Direction on Risk Management and Inter-Bank Dealings dated July 5, 2016, as amended from time to time. 2. Currently NRIs are permitted to hedge their Rupee currency risk through

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WTO, Mins call for inclusive trade, better domestic policies

  Amid a debate on the future of globalisation, WTO and trade ministers from various countries, including India, on Friday called for greater engagement at global level and push for inclusive growth with better domestic policies without resorting to trade barriers. Underlining that trade barriers would actually destroy jobs rather than creating them, they observed that increase in trade globally has led to higher economic growth and greater employment generation. Swiss Economic Affairs Minister Schneider Amman said the meeting focussed on trade issues and other matters. First, ministers noted that protectionism is not the right approach for trade and it should be made more inclusive. They also emphasised the need to build on successes of last two ministerial meetings and ministers have agreed to increase their engagement levels. “We went

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Foreign Exchange Management (Manner of receipt and payment) Regulations, 2016

  RBI/2016-17/93 A.P. (DIR Series) Circular No. 11 [(1)/14(R)] October 20, 2016 To All Category – I Authorised Dealer Banks Madam/Sir, Foreign Exchange Management (Manner of receipt and payment) Regulations, 2016 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). In consultation with the Government of India, the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000; Foreign Exchange Management (Receipt from, and payment to, a person resident outside India) Regulations, 2000 and Foreign Exchange Management Notification (Transactions in Indian rupees with residents of Nepal or Bhutan) Regulations 2000, as amended

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Sebi may allow FPIs to directly trade in capital markets

  With an aim to make it easier for overseas investors, regulator Sebi is considering allowing some categories of Foreign Portfolio Investors (FPIs) to directly trade in Indian markets, starting with debt segment. Besides, the markets regulator plans asking companies to seek minority shareholders’ approval before granting special powers relating to operations of the firms to non-promoters such as private equity investors. In addition, to make domestic capital markets more attractive, Sebi has lined up wide-ranging relaxations to its norms for REITs and InvITs and an easier set of listing rules for startups. Several attempts are being made to garner due attention from business houses in the country but all the efforts failed leading to Sebi reconsidering the proposal to give further relaxations. The issues are likely to be discussed in the board meeting of Securities and Exchange Board of India (Sebi) tomorrow, sources

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