E-Commerce Exports : FTP 2023 intends to establish e-commerc | UPSC PIB NEWS
E-Commerce Exports :
FTP 2023 intends to establish e-commerce hubs and associated elements like payment reconciliation, bookkeeping, returns policy, and export entitlements.
The consignment-wise cap on E-Commerce exports was raised from ₹5Lakh to ₹10 Lakh in the FTP 2023.
Export Promotion of Capital Goods (EPCG) Scheme :
The existing EPCG scheme will be further rationalized.
Some measures taken in this direction include the addition of the PM MITRA scheme to claim benefits of the CSP (Common Service Provider) Scheme of Export Promotion Capital Goods Scheme (EPCG).
Advance authorization Scheme :
Advance Authorisation Scheme has been expanded to the export of the Apparel and Clothing sector.
Merchanting Trade :
The policy has introduced provisions for merchanting trade.
Merchanting trade involves the shipment of goods from one foreign country to another foreign country without touching Indian ports, involving an Indian intermediary.
Moreover, merchanting trade of restricted and prohibited items under the export policy is made possible by the FTP 2023.
Amnesty Scheme :
To reduce litigation, foster a trust-based relationship, and reduce the challenges faced by exporters, a special one-time Amnesty Scheme is introduced.
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