Financial Daily from THE HINDU group of publications
Thursday, Mar 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 17, 2005 |
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Industry & Economy
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Exports & Imports FIEO seeks transfer of advance licences K.R. Srivats
New Delhi , March 16 THE Federation of Indian Export Organisations (FIEO) has made a case for allowing transferability of advance licences. The facility of transfer of advance licence was withdrawn from April 1, 2001,when the duty-free replenishment certificate (DFRC) scheme replaced the transferable advance licences. In its submissions for the proposed modification to the Foreign Trade Policy 2004-09, FIEO has held that either advance licences should be made transferable or DFRC scheme should be extended to non-Standard Input Output Norms (SION) products. "If the advance licences are made transferable, then the Government can do away with DFRC scheme. Alternatively, the DFRC should be extended to non-SION product," a senior FIEO official said. Prior to April 1, 2001, advance licences could be transferred and such licences were issued both for SION and non-SION cases. From April 1, 2001, the DFRC scheme replaced transferable advance licences. But DFRC licences were issued only in respect of products covered under SION. In respect of SION, DFRC is issued with actual user condition. FIEO wants this actual user condition to be deleted in the policy. The federation has also suggested that exporters be granted the option of availing themselves of the facility of direct import of fuel against advance licences. The foreign trade policy allows duty-free import of fuel as per SION against an advance licence. However, procurement of fuel is allowed only through the canalising agencies (State trading enterprises) and direct import against advance licence is not allowed.
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