Government relaxes norms for export of imported goods
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To encourage shipments, the government has allowed export of imported goods with 15 per cent value addition to countries from where the proceeds are realised in Indian rupee.
The Directorate General of Foreign Trade(DGFT) will notify the names of those countries as to which exports under the new dispensation could be made.
"An enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees," it said.
It said that this dispensation will be applicable to such countries as would be notified by DGFT from time to time.
"They also have to achieve 15 per cent value addition," it added.
India's exports in 2012-13 fiscal fell for the first time in three years reporting a dip of 1.8 per cent to $300.6 billion in 2012-13, taking the country's trade deficit to a record high level of $191 billion. (PTI)
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