CURRENT AFFAIRS

Detailed explanation-1: -Directorate General of Foreign Trade | Ministry of Commerce and Industry | Government of India.

Detailed explanation-2: -One of such earliest schemes - EPCG (Export Promotion Capital Goods) scheme was introduced in April 1990 by Sh. P. Chidambaram, Minister of Commerce under the Import Export Policy 1990-93.

Detailed explanation-3: -About: EPCG Scheme was launched in the 1990s to facilitate import of capital goods with the aim to enhance the production quality of goods and services, thereby, increasing India’s international manufacturing competitiveness.

Detailed explanation-4: -The commerce ministry has relaxed various procedures under the Export Promotion Capital Goods (EPCG) scheme in order to reduce compliance requirements and facilitate ease of doing business. Under the scheme, imports of capital goods are allowed duty free, subject to an export obligation.