Page 168 - COMBINED QUESTIONS AND ANSWERS - EDITION 2019 - PART II_Neat

Q-643: Documents required for cancellation of Bank Guarantee against EPCG Authorisation
A-643: (i) Original EODC/Redemption Letter
(ii) ANF 5B duly certified by Chartered Accountant.
(iii) Copy of Installation Certificate issued by Chartered Engineer/Central Excise/GST
authorities.
(iv) Original EPCG Licence.
(v) Copy of S/Bs (ARE-1 in case deemed exports).
(vi) Bank Realization Certificate.
(vii) Other relevant documents submitted to DGFT.

EXPORT PROMOTION SCHEME/COUNCIL
Q-644: Short note on Export Promotion Schemes
A-644: Government of India has introduced several export promotion schemes in order to
promote exports and earn more and more foreign exchange. India being a developing
country, infrastructure is required to be developed in several fields. In order to develop
infrastructure and setting up of new industries and execute irrigation and other projects, a
number of items of machinery, equipment, raw materials, transport and handling
equipment are required to be imported from different countries. For any imports made
from other countries, the payment has to be made to the foreign suppliers in foreign
exchange. India therefore, has to build up foreign exchange reserves to meet the cost of the
imports made. When the exports are made to different countries from India, the Indian
exporters have to compete with the exporters of other countries, both in respect of quality
of the goods and the price. In order to enable the Indian exporters to compete in
international market, sell their goods at competitive rate, the Government introduced
various schemes to enable the exporters to import the goods at nil rate of duty or at
concessional rate of duty.
Export Promotion Schemes are formulated by the Ministry of Commerce and Ministry of
Finance; Government of India executes such schemes. Any person wants to function under
any of the Export Promotion Schemes; he is required to obtain a certificate known as
Registration Cum Membership Certificate (RCMC) from the Export Promotion Council of the
export product concerned.
Q-645: Membership of Export Promotion Council is compulsory, if an exporter intends to get
(i) Export the freely allowable goods
(ii) Export incentives
(iii) Export the restricted allowable goods
(iv) All of the above
A-645: ii - Export incentives

Q-646: Which chapter of the Foreign Trade Policy specified the re-export of goods imported under
Reward Scheme

(i) 3
(ii) - 4
(iii) - 8

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