BANKING AFFAIRS

Detailed explanation-1: -Taking into account the decline in exports, the facility of Re-fixation of Annual Average Export Obligation for a particular financial year in which there is decline in exports from the country, has been extended for the 5 year Policy period 2009-14.

Detailed explanation-2: -The government on Monday extended the existing Foreign Trade Policy (2015-20) by another six months till March 2023 on account of volatile global economic and geo-political situation and currency fluctuations.

Detailed explanation-3: -Duration of the Policy The Foreign Trade Policy (FTP) was launched during the 2015–16 fiscal year and is currently in effect through 31 March 2020.

Detailed explanation-4: -New Interim Exim Policy 2009-10 EXIM policy, in general, aims at developing export potential, improving export performance, encouraging Foreign Trade and creating favorable balance of payments position. The current Interim New Exim Policy covers the period 2004-2009 are releasing on 26th February, 2009.

Detailed explanation-5: -To accelerate exports and encourage technological upgradation, additional Duty Credit Scrips shall be given to Status Holders 1% of the FOB value of past exports. The duty credit scrips can be used for procurement of capital goods with Actual User condition.