FIEO, apex association of exporters, has recommended a slew of measures to the government to help the fraternity in combating the unprecedented crisis caused by Coronavirus threat. This includes extension of the Foreign Trade Policy 2015-2020 (also extension of Status Holder Certificates till March end next year).
The association has also suggested amnesty scheme for old Advance, EPCG and EOUs for regularization of default by payment of only Customs duty without interest and penalty to lessen the burden on industry. Other key recommendation includes extension of Export Obligation (EO) of all advance/EPCG authorizations with valid EO on or after 1st March 2020 till 31st March 2021 or till their existing validity of EO. FIEO has also suggested waiver of ECGC premium on pre–shipment credit levied by banks for next 3 months at-least which may be extended, if warranted.