New Delhi: The government Thursday restricted free outbound shipments of goods by large exporters for export promotion activities to Rs 10 lakh.
The move is aimed at curbing free exports limit of large exporters or status holders.
"Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs 10 lakh or 2 percent of average annual export realisation during preceding three licensing years, whichever is lower," Directorate General of Foreign Trade said in a public notice.
According to exporters body FIEO, earlier limit was Rs 10 lakh or 10 percent of average annual export realisation during preceding three licensing years, whichever is higher.
In a separate public notice, it said that as a measure of transitional arrangement, exporters can file certain category of applications manually, till EDI (electronic data inter change) online module is ready or upto September 30 whichever is earlier.
These applications include application for Status Holder Certificate.
It also said that for R&D equipment for pharmaceuticals and bio-technology sector, duty free import of goods upto 25 percent of FOB (free on board) value of exports during preceding licensing year, shall be allowed.
