Import of Oxygen concentrators for personal use permitted
The Directorate General of Foreign Trade recently notified that the import of oxygen concentrators shall be allowed for personal use. The Government of India has revised the Foreign Trade Policy, 2015-2020 to permit the import.
About Oxygen Import
The new revision says that the imports of goods as “gifts’ is allowed through post or courier where customs clearance is sought except for medicines, oxygen concentrators and lifesaving drugs.
Foreign Trade Policy 2015-20
- The Foreign Trade Policy aims to double the overseas sales to 900 billion USD by 2020.
- It also aims to integrate foreign trade with Digital India and Make in India initiatives.
- The MEIS and SEIS were launched. MEIS is Merchandise Exports from India Scheme and was launched merging five schemes into a single scheme. The SEIS is Service Exports from India Scheme. E-Commerce Exports till Rs 25,000 are entitled for rewards under MEIS.
- Transferable Duty Scrips are provided to the exporters.
- Duty Free Scrip: It is a paper authorisation that allows the holder to import inputs that are used to manufacture products exported. A Duty Free Scrip of Rs 1 lakh allows the holder to import goods without paying duty up to Rs 1 lakh.
- Two institutional mechanisms were put in place namely Council for Trade Development and promotion and the Board of Trade.
- The policy states that the GoI will provide incentives to the E-Commerce companies that are exporting products from sectors creating jobs.
- It was extended till 2021.
The five schemes that were merged to form MEIS were Market Linked Focus Product Scheme, Focus Product Scheme, Focus Market Scheme, Agriculture Infrastructure Incentive Scrip and VKGUY.
Month: Current Affairs - May, 2021
Category: Economy & Banking Current Affairs
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