Page 303 - International Marketing

NPP

BRILLIANT’S Solved Questions Papers 305

ment. If the importers want a refund then they should make an initial
payment of 4% SAD in cash.
12. Duty Free Import Authorization Scheme (DFIA)
DFIA scheme does not include Anti Dumping Duty and Safeguard
Duty. After the endorsement of transferability of such authorizations,
immunity from the payment of Anti Dumping Duty and Safeguard Duty
shall not be available.
13. Import of Cars
Only the designated ports permit the import of cars/vehicles. Now
ICD Faridabad and Ennore Port (TN) are also allowed to import cars/
vehicles.
14. Improvement in quality and timeliness of Foreign Trade Data
(a) The accuracy and quality of foreign trade data can be improved by
taking the initiative. After the completion of the month to which the
press note relates, the release of the press note relating to quick
estimates has been compressed to 15 days. The reporting period by
DGCIS about data on principal commodity wise has been reduced to
1 month (earlier it was 2½ months). Now the further transaction level
(8 digit level) data is available within a period of 2 months.
(b) The items falling under chapter 3 schemes for export incentive would
be aligned with ITC (HS). DGFT completes this task and gets it
uploaded on the website of DGFT to seek feed back from the trade.
15. Second Task Force on Transaction Cost in International Trade
The transaction cost report was released in Feb. 2011. The transac-
tion cost was estimated to be reduced to approx. ` 2495 crore as a result
of implementation of its recommendation. Second Task force on Trans-
action costs has been established and the committee would submit its
report in six months.
16. Electronic Data Interchange Initiatives
(a) e-BRC system allows Transmission of realization of export proceeds
details from banks to DGFT in electronically secured format. 31.2
lakh e-BRC have been uploaded on the website of DGFT by 81 banks
till 16 April, 2013. Different ministries/departments of central govern-
th
ment and state governments also use e-BRC data. As first movers,
government of Maharashtra and Delhi have started using e-BRC data
for processing VAT refund claims of exporters. The productivity of
DGFT, banks, Central and State government departments is im-
proved by e-BRC; which deals with importers/exporters, leading to
substantial reduction of transaction cost and time.