The Union Commerce and Industry Ministry announced extension of the Foreign Trade Policy (FTP) of Government of India.
- The present Policy which came into force on 1st April 2015, was for 5 years and was extended thereafter upto 31st March, 2021.
- In view of the persisting COVID-19 pandemic, 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.
- 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 30.09.2021.
- 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.
SOURCE: THE ECONOMIC TIMES,MINT