Latest News | Synthetic Knitted Fabrics' MIP Norms Not Applicable for Advance Authorisation Holders, EOUs, SEZs

New Delhi, Apr 23 (PTI) The government on Tuesday said the minimum import price (MIP) condition for certain synthetic knitted fabrics is not appllicable for advance authorisation holders, export-oriented units and units in the special economic zone.

There is an MIP of USD 3.5 per kg on certain synthetic knitted fabrics.

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"Inputs imported by advance authorisation holders, export oriented units and units in the SEZ (special economic zone) shall be exempted from this MIP (minium import price) condition," the Directorate General of Foreign Trade (DGFT) said in a notification.

In a separate trade notice, the DGFT said that it is introducing a new field titled 'Mode of Export of Services' in the eBRC (Electronic Bank Realisation Certificates) format for the services export category, applicable for these documents generated on or after May 1.

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The inclusion of this field is aimed at improving the granularity and accuracy of services export data, it said.

The e-BRC is a digital certificate issued by banks to exporters, confirming that payment for an export transaction has been received in foreign currency.

"This reform also aligns India's data capture policy with international norms under WTO (World Trade Organisation) GATS (General Agreement on Trade in Services).

This new field, it said, corresponds to the four modes of services trade - cross border supply (like IT services, remote consulting, telemedicine); consumption abroad (tourism, medical treatment in India, foreign students); commercial presence (Indian bank branches overseas, IT company subsidiaries); presence of natural persons (Engineers, doctors, IT professionals on assignment).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)