Exim policy slashes EPCG threshold limit to Rs 1 crore for seven sectors
Union commerce minister Ramakrishna Hegde yesterday unveiled a package of new incentives to reverse the decelerating trend in the country's export growth by substantially liberalising the zero-duty EPCG scheme for seven key sectors, including electronics. These sectors will now be able to import new as well as second-hand capital goods at a c.i.f. value of Rs 1 crore with a heavy export obligation against the Rs 20 crore minimum stipulated earlier.
Centre to unveil tech-oriented eco-policy draft
The Centre will shortly release a draft of the proposed comprehensive "technology-oriented" environment policy. The draft will cover environment-related issues such as reduction in industrial and vehicular pollution, increase in forest cover, launching river purification programmes on the lines of the Ganga Action Plan all over the country and making state pollution control boards strong enough to implement environment-protection measures.
Norms for EOUs in farm sector eased
Amendments to the Export-Import policy (1997-2002) have permitted setting up of EOUs and EPZs in the agricultural and allied sectors only on basis of positive net foreign exchange. The minimum value addition norms required earlier have, thus, been modified. A stable export policy for agricultural and allied products is on the anvil.
Singapore moots legal norms for e-commerce
Singapore unveiled plans on Monday for a legal framework to push forward its ambition to become an international hub for electronic commerce. A task force, led by the Monetary Authority of Singapore, the country's de facto central bank, recommended some guidelines and changes in law to meet rapid growth of the E-commerce trade.
Limit for zero duty on export of electronics drastically reduced
To give a fillip to export of electronic items the Exim Policy for 1998-99 has reduced the threshold limit for zero duty Export Promotion Capital Goods (EPCG) scheme for the electronics industry to Rs 10 lakh from Rs 20 crore. In addition, the depreciation limit for the electronics industry has been increased to 90% from 70% over a period of five years.
Rabi oilseed crop estimated at 84 lakh tonnes
The rabi oilseeds crop for 1997-98 year has been estimated at 84.7 lakh tonnes, marginally lower than the last year's 97.2 lakh tonnes, according to Central Organisation for Oil Industry and Trade (COOIT). The figures negate the fear that there was a severe shortage of oilseeds in the country which sent the edible oil prices soaring during the past few months.
