Indian govt extends Foreign Trade Policy 2015-20 till September 2021

The ministry of commerce and industry, Government of India, has announced extension of the Foreign Trade Policy 2015-20 by another six months, i.e. up to September 30, 2021. The extension has been made in view of the unprecedented situation arising out of the ongoing COVID-19 pandemic, and will provide continuity in the policy regime, the ministry said.

The present policy, which came into force on April 1, 2015, was for five years, and was extended thereafter up to March 31, 2021. "The Government has decided to continue benefits under various export promotion schemes by extending existing Foreign Trade Policy by another six months i.e. up to 30th September, 2021 which will provide continuity in the policy regime. Similar extension is made in the related procedures, by extending validity of HandBook of Procedures," an official statement said.

Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc has also been extended up to September 30, 2021. Similarly, validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits.

ALCHEMPro News Desk (RKS)