Tamil Nadu - Tuticorin   

Features of Foreign Trade Policy highlighted

Staff Reporter

`Target Plus' scheme will be an incentive to exporters

Tuticorin: A one-day workshop on `Foreign Trade Policy -2004-09,' organised by the Indian Chamber of Commerce and Industry, Tuticorin, for exporters and industrial houses, was held here on Saturday.

Delivering the keynote address, S. Murugappan, Chennai-based lawyer and consultant on FTP, said the `Target Plus' scheme, which was incorporated into the FTP for 2004-09, would be an incentive for the exporters to get `certificates' that could be used to set off the duties.

"The firms/groups which had exported 20 per cent more than the targets achieved over the previous fiscal could avail these certificates," he said.

He said the exporters could now import machineries with reduced duty rates under the Export Promotion Capital Goods scheme, which would help them render value-addition to their produce and thereby fetch better unit value realisation in the foreign niche markets. While explaining the salient features of the `100 per cent Export Oriented scheme', he said a firm could import anything, including raw materials, machineries, etc., without paying duties, on the condition that the inflow of foreign exchange obtained through the sale of their finished produce should be more than the quantum of money spent on the procurement of raw materials and gadgets.

He said complying with the requirements of various schemes, the country should work towards capturing at least one per cent of the world trade value by 2007. He spoke about the Duty Entitlement Pass Book Scheme, Duty Free Replenishment Scheme and the Special Economic Zones. D. R. Kodeeswaran, secretary, ICCIT, and exporters and importers were present.

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