DGFT/ Customs/ RBI Circulars/Notifications/ Trade Notice – Oct. 4, 2018

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Oct. 5, 2018

Members of the Council

SUB : DGFT/ Customs/ RBI Circulars/Notifications/ Trade Notice

Dear Member

Please find enclosed the following Customs/ DGFT

1)      DGFT Notification No. 35/2015-20 dated 26th September 2018 regarding extension of IGST exemption under Advance Authorisation, EPCG and EOU Schemes upto 31.3.2009. Customs Notification No. 66/2018 dated 26th September 2018 may also be referred in this regard.

2)      DGFT Notification No. 36/2015-20 dated 27th September 2018 regarding doing away with value limit of export consignments for exports done through Foreign Post Offices. Earlier, the limit was Rs.5 lakh per consignment for export through courier and foreign post office, but now this limit is in force for courier exports only.

3)      DGFT Trade Notice No. 32/2018 dated 14th September 2018 reiterating that registration in REX system is free, for availing duty concession of GSP of European Union. This Trade Notice also states that applications can be registered under REX even if they are under DEL (Denied Entities List)

4)      RBI Circular No. 9 dated Sept. 19, 2018 which states that eligible borrowers in manufacturing sector can raise External Commercial Borrowings upto USD 50 million or its equivalent with minimum average maturity period of one year.

5)      Customs Circular No. 33/2018 dated 19th September 2018 which states that Cost Accountants can also issue certificates in connection with refund of IGST paid on exports where such refunds could not be processed due to mismatch in GST returns GSTR 1 and GSTR 3 B.

Members may kindly note the above.

Thanks and regards

R. Selvam
Executive Director