Govt. Introduces Measures To Support Export Industry Amid Job Loss Fears

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Govt. Introduces Measures To Support Export Industry Amid Job Loss Fears

The commerce ministry has taken several measures to address hardships faced by exporters due to COVID-19 pandemic, a day after an apex exporters body warned of 15 million job losses unless an immediate incentive package is announced by the government. The commerce ministry said that it has provided several relaxations/extensions of various compliance deadlines to address Corona pandemic related hardships of exporters. The steps enlisted by the ministry included extensions of foreign trade policy by one year, export obligation under advance authorisation and export promotion capital goods scheme, the validity of registration cum membership certificate, last date for filing claims under services and goods export from India schemes, for filing RoSCTL (rebate o state and central taxes and levies) claims, valid period of all status holder certificates. It also said that steps have been taken to facilitate units in special economic zones. For these zones, extensions have been given for filing quarterly progress report, annual performance reports, and permission to take desktop/laptop outside SEZs by IT and non IT units. "In order to give relief to businesses and affected individuals amidst the stress caused by the novel coronavirus pandemic, the department of commerce has introduced several relaxations and extensions in deadlines, etc. with regard to compliances mandated under its schemes and activities," the statement said. Further, the Export Credit Guarantee Corporation (ECGC) too has extended the time for filing declarations, report of default, filing claims/replies, reduction in policy proposal processing fee, discretion to decide about shipments and claim eligibility period.