India Removes Minimum Export Price (MEP) on Non-Basmati White Rice

The Government of India has removed the Minimum Export Price (MEP) on the export of Non-Basmati White Rice, effective from October 23, 2024. The decision was made through an amendment to the Foreign Trade Policy, specifically for the HS Code 1006 30 90, which covers Non-Basmati White Rice. The removal of the MEP is expected to make Indian non-basmati rice more competitive in the global market.

Foreign Exchange Management (Non-debt Instruments) Amendment Rules

The amendments aim to simplify cross-border share swaps and provide for the issue or transfer of Indian company equity instruments in exchange for foreign company equity instruments. This will facilitate the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives, enabling them to reach new markets and grow their presence worldwide. Another key change brings further clarity on the treatment of downstream investments made by Overseas Citizen of India (OCI)-owned entities on a non-repatriation basis, aligning it with the treatment of Non-Resident Indian (NRI)-owned entities.

Medical Device Exporters Can Now Get RCMCs From EEPC India

DGFT has noted that presently Export Promotion Council (EPC) for Medical Devices is not yet fully operational and cannot issue RCMCs. Therefore, it has temporarily allowed RCMCs for medical devices to be issued by the Engineering Export Promotion Council of India (EEPC India) or any other relevant EPC for medical devices. This measure will operate until the designated EPC for medical devices becomes fully functional.

Revised Foreign Trade Policy with regard to intermediaries of merchant trading

Merchanting trade involving shipment of goods from one foreign country to another foreign country without touching Indian ports, or shipment of goods within one specific foreign country, involving an Indian intermediary is allowed subject to compliance with RBI guidelines, except for goods in the CITES, or under SCOMET.

National Conference on Strategic Trade Controls (NCSTC)

The conference mainly focuses on outreach to the Industry especially for those dealing in sectors regulated under India’s SCOMET list including special materials and high tech equipment, chemicals, biotechnology, defence, aerospace (comprising Drones/UAVs), electronics and semiconductors, telecommunications, information security, etc. and related software and technology.

Central Government Designates Ports for Red Sanders Repatriation from Nepal

The Central Government has designated specific ports for the repatriation of red sanders from Nepal. The ports of entry and exist have been designated for the purpose of regulation of International Trade of red sanders between India and Nepal, ensuring strict adherence to environmental regulations and international trade norms.