BGs abolished for exporters with Rs 5cr turnover

THE NEW RULE BOOK/NUTS&BOLTS

Exporters with minimum turnover of Rs5 crore and good track record to be exempt from furnishing bank guarantees (BGs) in any of the schemes. Service tax exemption to exported goods and services, including those from DTA units.

Electronic data interface for export transactions

Validity of all licences/entitlements issued under various schemes increased to a uniform 24 months. Reduction in number of returns and forms to be filed. Enhanced delegation of powers to zonal and regional offices of DGFT and 75% of all export transactions to be on Electronic Data Interface within six months.

Focus on performance via Target Plus

'Target Plus', a new scheme to accelerate growth of merchandise exports. Under this, exporters achieving incremental exports substantially higher than the general export target to get duty free credit based on a tiered approach.