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Nov 27

Federal government Announces Relief Package For Exporters

After witnessing a giant contraction in export orders for recent months, Indian micro, small and medium enterprises (MSMEs) within export sector has decided to receive much needed relief.

In an attempt to reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore produce relief to the export segment. This move is going to benefit the employment-intensive export sectors while leather, gems & jewelery and materials.

Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty happen to simplified to help MSME exporters prune high transaction costs.

Measures like quick settlement of duty credit scrips become issued ahead from the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater switch.

In order market trade facilitation, the government has also extended a provision to scale back export obligations depending on the decline in exports.

Export incentives for such things technical textiles, stapling machine and handmade carpets were also provided contained in the recently announced export package deal.

The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme 1 other incentive that would help the MSME export segment tide over the ongoing crisis.

In order to promote trade facilitation, the government has also extended a provision to cut back export obligations Online Udyog Aadhar Certificate In India line with the decline in exports.

Export incentives for such things as technical textiles, stapling machine and handmade carpets seemed to be provided within the recently announced export stimulus package.