By: Seth Dua & Associates
New Delhi, India
Recently, DGFT issued a notification for revocation of the physical filing of Form ANF-2A for issue / modification of IEC number w.e.f. January 1, 2015. The application for new IEC will need to be filed in online mode only, along with requisite documents. The decision regarding grant / refusal of IEC should be conveyed within 2 working days by concerned jurisdictional Regional Authorities.
Further, online facility is also available on e-biz portal of Department of Industrial Policy & Promotion after integration with DGFT's system. The DGFT has also prescribed new Form ANF-2A.
Foreign Trade Policy (“FTP”) expected soon, Commerce Ministry discussing with other ministries to boost SEZ
The Ministry of Commerce has recently promised a different FTP to be issued as early as possible. Currently, the Ministry is deliberating on Minimum Alternate Tax & Dividend Distribution Tax related matters for SEZ with various ministries since SEZ is an instrument for enhancement of exports & manufacturing and contributes 25% to India's exports.
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