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Date: 20th September 2024 Jurisdiction: India, Central Government

Amendment in Chapter 5 of the Handbook of Procedures (HBP) - 20th September 2024 - Ministry of Commerce and Industry - Gazette Notification PDF

Issued by Ministry of Commerce and Industry · Directorate General Of Foreign Trade

Read or download the official PDF of this gazette notification issued by the Ministry of Commerce and Industry on 20th September 2024.

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Executive Summary & Key Takeaways

Summary:

This Public Notice, No. 24/2024-25, issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, on September 4, 2024, announces an amendment to Chapter 5 of the Handbook of Procedures (HBP) 2023, pertaining to the Export Promotion Capital Goods (EPCG) Scheme.

The amendment, made under the authority of Paragraphs 1.03 and 2.04 of the Foreign Trade Policy, 2023, aims to reduce compliance burden and enhance ease of doing business for EPCG authorization holders.

Specifically, the existing provision in Para 5.14 regarding annual reporting of Export Obligation (EO) fulfillment has been revised. Authorization holders are now required to submit a report on EO fulfillment through online mode after the expiry of the first block period of four years and continuously till the expiry of valid EO period, containing details such as Shipping bill/GST invoice number, date of export/supply, description of product exported/supplied/service rendered, and number/Bill of Export/FIRC number with FOB/FOR value of export/supply for both specific as well as average export obligation certified by Chartered Accountant/Cost Accountant/Company Secretary wherever applicable. Any delay in filing such annual report shall be regularised on payment of a late fee of Rs. 5000 per year for each authorisation.

The effect of this Public Notice is to amend the provisions of Chapter 5 related to the EPCG Scheme of the HBP 2023 for EPCG authorizations issued under the Foreign Trade Policy.

For further information, contact Santosh Kumar Sarangi, Director General of Foreign Trade & Ex-officio Additional Secretary, Government of India, at dgft@nic.in. The Public Notice was issued from File No. 18/31/AM25/P-5.

Key Entities Referenced

Directorate General of Foreign Trade: The issuing authority for the public notice, responsible for foreign trade policy. Foreign Trade Policy, 2023: The overarching policy framework under which the amendment is being made. Handbook of Procedures 2023: The document being amended by the public notice, specifically Chapter 5. EPCG Scheme: Export Promotion Capital Goods Scheme. The scheme to which the amendment relates, aimed at reducing compliance burden and enhancing ease of doing business. Chapter 5 of the Handbook of Procedures: The specific section of the Handbook of Procedures being amended. Vaniijya Bhavan, New Delhi: Location of the Directorate General of Foreign Trade office. Santosh Kumar Sarangi: Director General of Foreign Trade, the signatory of the public notice. Ministry of Commerce and Industry: The government ministry to which the Directorate General of Foreign Trade belongs.
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(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-I SECTION-I) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE VANIJYA BHAVAN, NEW DELHI PUBLIC NOTICE No. 24/2024-25 NEW DELHI, DATED THE ApSeptember, 2024 Subject: Amendment in Chapter 5 of the Handbook of Procedures (HBP) 2023, related to EPCG Scheme to reduce 'Compliance Burden' and enhance 'Ease of doing Business — reg. In exercise of powers conferred under Paragraphs 1.03 and 2.04 of the Foreign Trade Policy, 2023, as amended from time to time, the Director General of Foreign Trade hereby makes the following amendment in Chapter 5 of the HBP, 2023 with immediate effect :- S. [Para |Existing provision Revised provision No.|No. | /5.14 = |Annual reporting of EO fulfillment Report for EO fulfillment Authorisation holder shall submit to RA Authorisation holder shall submit to RA concerned by 30th June of every year, a concerned a report on fulfilment of export report on fulfilment of export obligation obligation through online mode after expiry through online. Such report shall contain a of first block period of four years and statement with details such as Shipping continuously till the expiry of valid EO bill/GST invoice number, date of period. Such report shall contain a statement export/supply, description of — product with details of Shipping _ bill/Invoice exported/supplied/service rendered and number/Bill of Export/FIRC number with FOB/FOR value of export/supply for both date and number, as applicable, duly specific as well as average export certified by Chartered Accountant/Cost obligation. Any delay in filing such annual Accountant) Company Secretary for report shall be regularised on payment of a evidencing fulfillment of specific as well as late fee of Rs. 5000/- per year for each average EO (wherever applicable). authorisation. Effect of this Public Notice: With a view to enhance ease of doing business and reduce the compliance burden, provision of Chapter 5 related to the Export Promotion Capital Goods Scheme of the HBP: 2023 is amended for EPCG authorizations issued under Foreign Trade Policy. VA ve) (Santosh Kumar Sarangi) Director General of Foreign Trade & Ex-officio Additional Secretary, Government of India Email: dgft@nic.in [Issued from File No. 18/31/AM-25/P-5]

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