DGFT implements automated system for adhoc input-output norms fixation

[ad_1] In a move to ease foreign trade procedures, the Directorate General of Foreign Trade (DGFT) has implemented a new automated system for fixing adhoc input-output norms.As part of the measure announced Thursday, exporters can now import duty-free raw materials or inputs for manufacturing goods meant for export under an advance authorisation scheme allowing them greater flexibility.With the new system, exporters who find that standard norms do not suit their specific needs, can apply for their own adhoc norms through a rule-based, system-driven process. This initiative is expected to enhance efficiency and simplify the licencing process.Earlier, the DGFT adhered to a fixed standard input-output norm for various products to issue licenses for such duty-free imports.The Foreign Trade Policy 2023 has focused on revamping its systems to incorporate automated, rule-based processes. These improvements also include post-issuance audit capabilities and risk mitigation functions, aiming to create a more transparent and efficient foreign trade environment. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/dgft-implements-automated-system-for-adhoc-input-output-norms-fixation/?feed_id=136&_unique_id=6674d575e6c12

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