Exporters and importers have always demanded to receive regular updates to stay informed about the current state of our industry. They want to know what is happening, what new notifications have been issued, and how these updates will affect us. They also want to understand the benefits and drawbacks of various situations and what compliance steps they should take. They believe that receiving this information on a regular basis will enable them to make well-informed decisions.
Keeping this demand from the Exim (Export and Import) Industry in mind, we are starting a first-of-its-kind new series. In this series, we will provide not only regular conceptual and informative blogs uploaded every Tuesday. In these blogs, you will get all the important updates from the previous week in a simple and concise manner. We believe that this series will be highly beneficial for new Exim startups, Import-Export Business owners, and Professionals working in the Exim field. So, let’s get started.
We have helped numerous new exporters and importers by guiding them from the start and assisting them in executing their export/import shipments. We provide support in various areas such as DGFT, Customs, Logistics, and Export Incentives.
Overall Trade Scenario
India’s target is to achieve 2 Trillion Dollars of exports by the year 2030, with 1 trillion each in Goods and Services exports.
According to DGFT’s Santosh Kumar Sarangi, in order to accomplish this target, India will need to achieve a yearly growth rate of 12% in Goods exports and 16.6% in Services exports.
General News
You all know that in Export and Import, international transactions are conducted through the SWIFT channel. According to some reports, India is now planning to establish its own independent financial messaging system similar to SWIFT. This system will facilitate bilateral trade in Indian Rupees, making it easier and more efficient.
The Indian government is actively promoting special Rupee vostro accounts. So far, 20 banks from 22 countries, including Germany, Bangladesh, and Russia, have opened 92 such Vostro accounts.
Another important piece of news is that the India-UK Free Trade Agreement (FTA) could be signed before the end of this year. In this agreement, India is seeking zero-duty access for its textile, leather, and other labor-intensive industries.
On 25th July, the first Rupee Trade shipment from India to Bangladesh was executed from the Petrapole Land Port in West Bengal. The shipment, worth 1.23 Crore, contained “vehicle chassis” from Tata Motors. This marks a positive start towards the internationalization of the Indian Rupee and reducing dependence on the Dollar.
Watch this video on Export Import [EXIM] Business Weekly Updates – General News | New Notifications | 24 to 30 July 2023
DGFT & CBIC Important Notifications
Here are some of the important notifications for the week:
- DGFT has imposed a ban on the export of de-oiled Rice bran until 30th November 2023.
- CBIC has issued an important notification simplifying the list of required documents for AD Code (Authorized Dealer Code) and IFSC (Indian Financial System Code). As shown in the image, Customs officers will now focus on just two important documents – the Bank’s Authorization letter and a Cancelled cheque or the latest bank statement.
International Logistics & Freight Rates
The prices of containers are mostly stable, despite the expectations of the peak season starting. However, there is no significant increase in Cargo demand, which has led to a situation where Shipping lines are compelled to reduce their capacity to prevent losses.
Who are We & Why choose us?
We at AFLEO Group, are a team of DGFT & Customs Experts having a rich experience of 10+ Years in Exim Consultancy & International Logistics [Freight Forwarding] and also deal in Buy/Sell/RODTEP/ROSCTL/DFIA License With our vast knowledge and experience in this field we can represent your case for all the activities pertaining to the Tariff Rate Quota and get it in a hassle-free manner. We are well-equipped to handle the logistics of global trade with efficiency and expertise. Let us handle the logistics while you focus on growing your business. Contact us today to learn more about how we can help you streamline your supply chain and increase your bottom line. We are dedicated to providing efficient and cost-effective logistics services to help our clients.
So do get in touch with us for any of your requirements and our team will be happy to help you.
We request you to share this information with your other Industry friends, Trade associations, as this information might help them as well.
