Financial Daily from THE HINDU group of publications
Sunday, Jun 06, 2004
Financial Daily from THE HINDU group of publications Sunday, Jun 06, 2004 |
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Industry & Economy
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Foreign Trade Commerce Ministry handling Lankan trade pact issues K.R. Srivats
New Delhi , June 5 THE Finance Ministry has advised trade and industry associations and Government departments to direct their representations on policy issues relating to the Indo-Sri Lanka Free Trade Agreement (ISFTA) to the Commerce Ministry. Trade, industry and Government departments have been frequently approaching the Director General of Revenue Intelligence (DGRI) to complain about the misuse of ISFTA. DGRI has been receiving representations on various issues including the manipulation of the country of origin and value addition norms under ISFTA. The Central Board of Excise and Customs (CBEC) has, in a circular, made it clear to trade and industry and Government departments that all matters relating to policy issues/dispute settlement under ISFTA were being handled by the Commerce Ministry through the Department of Revenue and that representations on such matters should be referred to this ministry. However, the CBEC has also said that instances of gross under-valuation, violation of terms and agreement, under-invoicing and non-declaration of country of origin may be referred either to the Commissionerate special investigation branch or to the DGRI.
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