The Exim policy has accorded high priority to the implementation of Electronic Data Integration (EDI) programme. The effort was to minimise transaction cost, time and discretion. The government will provide online approvals to exporters operating from 23 EDI ports.
Duty free imports allowed
Status holders have been allowed a duty free entitlement for import of capital goods, consumables, office equipment and office products. Under the scheme, status holders who achieve 25 per cent growth in the current year would be given the benefit of duty free entitlement.
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Penal rate reduced
Penal interest on old cases of default has been reduced from 24 per cent to 15 per cent. To reduce hassles to exporters and importers, IEC holders would now be required to furnish online return on an yearly basis.