Business Across Borders 2021

14 Policy intervention to revive exports Various initiatives were undertaken by the government and the RBI in FY21 in order to boost India’s exports. The key initiatives are as given below: Policy Initiative Details Relaxation in Realisation and Repatriation of Export Proceeds by the RBI in April 2020 Increased the period for realisation and repatriation to India fromninemonths to fifteenmonths for the full export value of goods and services made up to or on July 31, 2020. Remission of Duties and Taxes on Exported Products WTO compliant scheme for all export goods w.e.f. January 1, 2021. Under this scheme, duties and taxes levied under central, state and local level which are not getting exempted or refunded under any other existing mechanism will be refunded to exporters in their ledger account with customs as credits. These credits can be used to pay basic customs duty on imported goods or transferred to other importers. Production-Linked Incentive (PLI) scheme An outlay of ` 1.46 trillion provided for the implementation of the scheme over a period of five year. Incentives provided to domestic companies under ten- identified sectors on incremental sales from products manufactured in domestic units. The scheme is expected to help Indian manufacturers in these sectors in enhancing efficiency, creating economies of scale, adopt new technology and become globally competitive. Digital initiatives under development Logistics Planning and PerformanceMonitoring Tool (LPPT) to allow real-time monitoring of operational performance and asset utilization of various logistics infrastructure. India Logistics Platform (iLOG) – a comprehensive platform developed for integrating all logistics related digital portals. Secured logistics document exchange (Aadhaar and Blockchain-based security protocols) Truck visibility & positioning platform (integrated with e-way bill and Vahan) National e-registry of warehousing Logistics account number (LAN); digital green corridor; digital port decongestion and container tracking & management system. Relaxation/extension of various compliance deadlines to address the pandemic related hardships of exporters Extension of Foreign trade Policy 2015-2020 by one year till March 31, 2021. Extension of validity of Registration cum Membership Certificate (RCMC) beyond March 31, 2020 by six months. Extension in last date for filing claims under Service Exports from India Scheme and Merchandise Exports from India Scheme. The last date for filing Rebate on State and Central Taxes & Levies claims for export shipments extended to December 31, 2020. Extension in replenishment scheme for G&J by 6 months. Extension of deadline for certain requests such as one-time condonation under the Export Promotion Capital Goods (EPCG) scheme till March 31, 2021. Source: Economic Survey 2020-21, Invest India Dun & Bradstreet